CPIC forms firm to invest in senior care
Print Edition
CHINA Pacific Insurance Group Co, the country’s third-largest insurer, has set up a company in Shanghai’s free trade zone to invest in the senior care industry in the city as it diversifies its insurance services.
The company, registered in the zone on September 25, will invest, construct and operate senior care projects, CPIC said in a statement yesterday. It will also handle health care and medical investment related to the senior care projects.
CPIC said the more flexible foreign exchange regulations in the FTZ will facilitate investment and hiring of expertise from overseas. Foreign investment companies are also allowed to undertake a wider variety of senior care services in the zone.
CPIC said its first project will be to rebuild its former training center in Xuhui District into a senior care facility next year. It also said it will buy or lease existing properties in downtown areas and rebuild them into senior care facilities to provide long-term services for middle and high-end clients.
The company said its initial focus will be Shanghai before expanding from the coastal areas to major cities nationwide within five years.
The new company will add to CPIC’s portfolio which comprises life, property and casualty insurance, asset management, online insurance, and health insurance.
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