Foreign Investment Encouraged in Senior Care Industry

　　China's aging population is growing, but facilities and services for the elderly are currently insufficient 1 to meet market demand. China is now encouraging more foreign investment in its senior care industry as the country transitions into an aging society. Li Dong has the story.
 
　　According to a report by the China Research Center on Aging, the total Chinese population aged 2 over 60 will surpass 200 million by the end of this year, almost 15 percent of the country's entire population.
 
　　China's Ministry 3 of Civil Affairs has recently issued a new regulation on senior care centers which says that senior care homes must have more than 10 beds. It also states explicitly 4, for the first time, that foreign organizations and individuals can open senior care centers in the country, with or without a Chinese partner.
 
　　Senior Living L'Amore-Kaijian, a facility operated by Sino-U.S. joint 5 venture Beijing Yuanjian Senior Care, will open this month in southeast Beijing. Here is Luo Jian, the general manager of the senior living business development department of senior care provider Sino-Ocean Land.
 
　　"When we chose to cooperate with the American company, we were considering their experience, mainly in its service concepts, care system and nursing skills."
 
　　The facility will charge between 15,000 to 25,000 yuan a month per resident. The manager says it's targeted at senior citizens looking for a high-quality life. Ling Yize, is an 83-year-old Beijing resident.
 
　　"Usually, in senior care homes, two people share one small room. I want my own bedroom and a living room. I haven't looked around yet, but I want to see its public facilities, such as the gym, activity center and reading rooms."
 
　　In January, the American company involved in the joint venture set up a similar senior care project in Shanghai. Aruna Poddatoori is the chief operating officer of the Beijing Yuanjian Senior Care.
 
　　"We're in the beginning status, and we are here to stay. We know we can make a difference. We see a lot of positives from the market. We hear it day in and day out. It will be a success."
 
　　Within the next two years, the Chinese government is hoping to ensure that at least 30 beds are available for every thousand people over the age of 60 in senior care institutions.
 
　　That goal requires 6.6 million beds, which means finding 2.7 million more beds in two years. This huge number represents a new market opportunity for both private enterprise and investors 6.
 
　　For CRI, I am Li Dong.