Beijing launches first property program with elderly care

Beijing has launched a common property rights pilot program for the elderly, aiming to develop the city’s home-based care system for the aged, People’s Daily reported.

The housing program is called Gonghe Town in Chaoyang District.

Five percent of the property in each home is held by developers on an ongoing basis, while another 95 percent is sold to families with elderly people over the age of 60.

Meanwhile, about 40 percent of the public area in the Town is used to build facilitates for medical care, nursing, catering and other supports.

Gao Junsong, the vice president of Yuecheng Group, who operates the program, said investors cannot make profis simply by selling retirement homes.

But if investors keep their promise to provide old-age care service by operating those facilitates, they will become good assets, Gao added.

At present, homes in the project are sold at a price of 40,000 yuan (US$6,160 dollars) per square meter, which has no obvious price advantage compared to other housing projects in the same area.

(ASIA TIMES)