Four years after we first reported Lendlease moving into the Chinese market, Tony Lombardo, CEO Asia, has announced that its first village development will be open in May 2021.
Branded Ardor Gardens, it will house 1300 residents across 900 units, priced from $400,000 for a one-bedroom unit 26 and $50,000 for a three-bedroom unit.
(‘Ardor’ in Chinese means “Feelings of great warmth and intensity. Intense feeling of love. A feeling of strong eagerness (usually in favour of a person or cause)”. Same as English.
Lendlease is reported in The Australian yesterday, that the company will target middle to upper-income retirees from a catchment area of about 150M people in the Shanghai and Yangtze River Delta region, with its rollout of retirement villages.
They want 5000 residents in five villages within the next five years.
CEO Tony Lombardo says, “the potential is huge.” The affluent, ageing population and the company’s integration with 26 cities in the area will provide Lendlease with a major market outside of Australia.
“About five years ago the government announced the 9073 policy, with a plan for 90% of people ageing in their existing places, 7% being in accommodation which is privately funded and 3% in accommodation provided by government”.
He says, “This is the first time Lendlease have put capital to work in China. It is a key milestone.”
Lendlease first targeted the Chinese retirement market back in 2015.