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Lendlease to focus China expansion on aged-care sector

Lendlease Corp. Ltd. is planning to expand its operations in China, focusing on the country's aged-care industry, according to The Australian Financial Review, citing Tony Lombardo, the Australian real estate company's Asia CEO.

The company's first project in the sector will be the development and operation of a A$400 million retirement village in Shanghai, comprising 900 independent living units.

Lombardo said the company is aiming for another four to five major projects in China to increase its senior living units portfolio to at least 5,000. The company is taking on the initiative alone following years of failed attempts at securing a partner, according to the Sept. 2 report.