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Taikang invests 100 billion yuan to meet aging population
Online Edition
TAIKANG Life Insurance Co will invest 100 billion yuan (US$15.6 billion) in the next five to eight years into elderly-care communities and affiliated hospitals as China encouraging private investment into the elderly healthcare sector.
The insurer on Saturday started its first self-invested hospital next to its elderly-residential community in Beijing, and said it will open the next batch of projects in Shanghai and Guangzhou next year with the community plus hospital model.
When completed, the elderly-care communities in Beijing, Shanghai, and Guangzhou will respectively be able to house 3,000, 2,000, and 1,100 residents.
The insure said it has already invested more than 5 billion in these projects, and prepared to allocate more than 100 billion yuan capital into the elderly-care businesses over the next five to eight years.
"Total assets of Taikang is now 800 billion yuan, and we are committed to the elderly-care sector as a long-term business with stable cashflow," said Chen Dongsheng, chairman and CEO of Taikang Life. "Elderly care and medical services will be the most significant social problem as China becomes an aging society, and we have a population of relatively wealthy people in need of high-end products and services."
Lands have also been ready in Sanya, Wuhan, and Chengdu, and all new projects are expected to start operation by 2020, Chen added.
Taikang said it expected each elderly-care community to strike a balance within three years of operation, and most of its competitors will be from the insurance industry.
The plan is released after the State Council earlier this month encouraged private capital to provide elderly-care and medical services to fill the gap of healthcare services of an aging population.
The government will support private funding by offering low-price land and increasing government purchase of elderly-care services and long-term insurance, the State Council said in a statement.
Zhu Jin, an analyst with Oriental Securities Co, said insurance companies and real estate companies are most likely to invest in elderly-care businesses, and insurers will have the advantages of capital assets, client data, and supplementary insurance policies.
So far, 10 insurance companies, including China Life, China Pacific Insurance, China Taiping, New China Life, and Union Life have invested more than 70 billion yuan in elder-care businesses.
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