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Elderly care to be biggest industry in China

Time:2016-03-01     Click:Loading   【Print】  【Close

China's population is ageing. In 2014, there were about 138 million people over the age of 65 -- or more than 10 percent of the country's population and that number is growing in the fast lane. Whilst many think only of the challenges old people might present, there are some keen investors out there who see them as an 'opportunity'.
"The medical services are very convenient. I'm 88 years old. When sick, you push the button and many doctors will home. This puts you to ease. If you were at home, you'd have to call 211."
Oxygen and IV facilities are all on hand. And the most appealing thing? The medical services are covered by insurance. But what about the total cost?
Rent, food, nursing fee. 3,000 yuan a month, my pension is 3,400 yuan a month..
In a more high-end one in Beijing, the cost is a bit higher.
We pay a monthly fee of 9,050 yuan. This includes a gym, swimming pool, broadband, TV, telephone, utilities.
And are these nursing homes making a profit?
"It's getting better year by year. Though no huge profits, we feel it's developing steadily. Our institute is tax-free, and there's a government subsidy of over 2,200 yuan for disabled elderly people, and 1,500 yuan per year for every healthy elderly citizen,"  Zhang Chuochuo with Tiantong Medical Nursing Home said.
But in China, it's traditional to stay at home with the family, and not sign up for these retirement homes.
One company is trying to keep the elderly safe in their own residence. Here, more than 100 personnel are working 24/7 to monitor date from as many as 100,000 homes in Shanghai.
This call is from a man who had an accident in his home. Medical personnel were able to tend to him immediately.
It was a bit wet on the floor and I fell. I didn't dare to move. It's painful. I wear this alert button, so I pushed it.
The wide rage of services also include housekeeping, maintainance and home moving. Sensors are installed in some homes, and these alert the company when, for example, there's a leakage of natural gas.
"In China, 90 percent of the elderly will stay at home, 7 percent will stay at a community facility supported by the government, and 3 percent will be in institutions. We think the 'staying at home' market is a very promising one," Bo Jiangyong, VP of Sanbao Group said.
Also foreign venture capital firms, like Sequoia, have also weighted in, building an elderly care park in China's ancient town of Wuzhen, a hot tourist destination. It's expected in 10 to 20 years, elderly care will be China's biggest industry.


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