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Greenland unit targets China's growing elderly care services sector

Greenland Holdings Corp. Ltd.'s Greenland Hong Kong Holdings Ltd. subsidiary is looking to foray into the elderly care services sector of China as part of its diversification strategy, the South China Morning Post reported.

Hou Guangjun, COO of the Hong Kong-listed company, was cited by the publication as saying that the company is targeting the non-property aspect of the elderly care services industry in first-tier Chinese cities, including Beijing, Shanghai, Guangzhou and Shenzhen, to capitalize on the growing demand in the sector.

Greenland Hong Kong could expand its aged care service offering to its parent's hundreds of property development projects across the nation, according to the Jan. 14 report, adding that the targeted sector is estimated by the Chinese Academy of Social Sciences to top 13 trillion yuan by 2030.

As of Jan. 14, US$1 was equivalent to 6.77 yuan.