Lendlease has plans to develop a $302 million senior living community in Shanghai, China, entering the Chinese senior housing market.
The Australian firm signed a 50-year land usage contract with the Qingpu Government in Shanghai to develop the 900-unit community.
With nearly one-third of Shanghai’s population aged 60 or over as at end of 2017, there is a very large and growing demand for senior living communities.
“It will cater to a fast-growing demographic sector and require a combination of both local development and senior living management skills,” said Tony Lombardo, CEO, Asia at Lendlease. “Our first senior living development in Qingpu will provide a quality community supporting the social and health needs of its residents. It will offer a great lifestyle choice for seniors looking to enhance their overall well-being while keeping an active lifestyle.”
Construction of the new senior community is forecast to commence early next calendar year.
