Shanghai Shenyang Investment Management Co. Ltd. secured a 50 million Chinese yuan, 8-year loan from China Development Bank for a senior-care project in Shanghai.

The vehicle is a joint venture between units of China Vanke Co. Ltd., Shanghai Land (Group) Co. Ltd., Shanghai University of Traditional Chinese Medicine and another Shanghai-based investment manager.

China Vanke subsidiary Shanghai Vanke Investment Management Co. Ltd., which holds a 41% stake in the vehicle, will act as the guarantor for 20.5 million yuan, or 41%, of the loan.

The project under development is located on Zhenping Road in the Putuo District of Shanghai and will feature 342 hospital beds upon completion, according to its website. The facility is expected to open by the end of 2016, although no specific date was provided.

As of Dec. 15, US$1 was equivalent to 6.94 Chinese yuan.