China Vanke Co. Ltd. will develop the first senior-living community in Shenzhen, China, as the local government seeks to enhance aged-care services to its elderly, the South China Morning Post reported.
The local government and property developer will engage in the first public-private partnership for the aged-care facility. China Vanke will start the project in the beginning of 2017, redeveloping a block of government-run apartments for senior residents in the Futian District of the city.
Gao Shengyuan, Futian District's deputy party chief and head of the district government, said the partnership will pave the way for more social capital to be channeled toward projects that cater to the senior population, according to the Dec. 29 report.
Additionally, China Vanke expects that the development will become a business model for similar projects in Shenzhen and nationwide. The company already has more than 70 projects under its wing that cater to the country's senior citizens.