Chinese insurers pouring $36.6b into elderly care sector
Ten insurers have invested in 47 community care projects.
Insurers have injected investments exceeding $36.6b (CNY234b) into upstream and downstream medical and health sectors for the elderly through equity investments, according to media reports.
Ten insurers have invested in 47 elderly community care projects with a total of more than 84,000 beds, said Insurance Asset Management Association of China secretary-general Cao Deyun.
Taikang Life Insurance have poured elderly community investments in key cities such as in the Beijing-Tianjin-Hebei Region, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area amongst others, reports say.
In May, Ping An Life Insurance rolled out its plan to build its first high-end elderly care community. Insurance will be important in supplementing China’s social security system amidst an aging population, explained Ping An chairman and CEO Yang Zheng.