The Chinese Governments Ministry of Civil Affairs has issued new policy encouraging new development of large scale high care residential and community care places for the elderly.
At the same time the Ministry has created the China Ageing Development Foundation, a fund designed to invest in such developments. The fund has now teamed up with the Hong Kong based Chow Tai Fook Endowment Industry Development (CTFE) and a Dubai developer, Pearl Dubai.
The three plan to build eight upmarket retirement and health resorts in China and four in Dubai in the next six years. CTFE has paid $1.9B for 3 million square feet of land in Dubai for the first full development.