SEATTLE – U.S. Ambassador to China Gary Locke and top Chinese government officials were recently on hand to celebrate the grand opening of a 60,000-square-foot senior living facility in Beijing built by Seattle’s Columbia Pacific and Sino-Ocean Land, one of China’s largest real estate developers.
The new facility, Senior Living L’Amore – Kaijian, is the first project constructed under a strategic partnership between Cascade Healthcare, a China-based affiliate of Columbia Pacific, and Sino-Ocean Land to build and jointly manage senior care facilities in China. The partnership between the two companies includes a pipeline of upcoming senior care projects in Beijing, Shanghai and other major cities.
The attendance at the grand opening ceremony of U.S. Ambassador Locke and high-level Chinese government officials shows that both countries see senior care as a critical part of China’s future. The number of Chinese citizens over 60 years old is expected to more than double in coming decades, creating a pressing social issue that the Chinese government acknowledges will need the help of foreign companies to address.
In 2011, the Chinese government relaxed restrictions and began encouraging foreign companies to build senior care facilities. Months later, Cascade Healthcare was the first foreign-owned company to receive permission to build.
The facility is located in Sino-Ocean’s Ocean Palace luxury residential housing community in the Yizhuang area of Beijing. The 110-bed facility will provide residential senior care services to Chinese seniors, adapting the best international standards of management and care to local Chinese cultural norms. Cascade Healthcare and Sino-Ocean Land each put up 50 percent of the registered capital of the new facility and will jointly oversee project operations.
The Chinese government leaders attending the grand opening were Dou Yupei, the Deputy Minister of the Ministry of Civil Affairs of the People’s Republic of China; and Li Hongbing, the Deputy Director-General of the Beijing Civil Affairs Bureau.
Through a strategic partnership with Columbia Pacific, Emeritus Corp. (NYSE: ESC), a national leader in the U.S. assisted living industry, is providing Cascade Healthcare with support in planning and layout; interior design and furnishings; selection and purchasing of specialty equipment; training of facility executive directors, nurses and caregivers; development of operating policies and procedures; and successful integration of hospitality and healthcare services.
Sino-Ocean Land, headquartered in Beijing, was established in 1993 and listed on the Hong Kong Stock Exchange (SEHK:03377) in September 2007. As one of the leading national developers in China, Sino-Ocean Land has achieved its nationwide expansion over the past 10 years, with projects in Beijing, Tianjin, Shanghai, Chongqing, Shenzhen, Dalian, Hangzhou and other major Chinese cities.
Also attending the Aug. 21 opening in Beijing were Li Ming, President and CEO of Sino-Ocean Land; Nate McLemore, Managing Director of Columbia Pacific; and Granger Cobb, President and CEO of Emeritus Corp.
Columbia Pacific’s affiliate, Cascade Healthcare, opened its first senior care facility in China in late 2012 and in China, goes by the trade name Kaijian. The company’s first facility, Shanghai Kaijian Huazhan Senior Care Service, is 50,000 square feet, 100 beds and located in a residential neighborhood in the Xuhui District of Shanghai.
The facility that opened in Beijing, in partnership with Sino-Ocean, is Cascade Healthcare’s second senior care building in China. Cascade will open a third facility, in the Pudong District of Shanghai, this fall.