For roughly HK$451 million Because the First Step to Develop its Healthcare and Aged Care Enterprise
HONG KONG SAR – Media OutReach – 31 August 2022 – As we speak, Chinachem Group (the “Group”) pronounces the acquisition of roughly 56.15% curiosity in Pine Care Group Restricted (“Pine Care”) (Hong Kong Inventory Code: 1989) from its controlling shareholders for a complete consideration of roughly HK$451.2 million, topic to sure circumstances precedent being fulfilled or waived. It’s anticipated that this funding will mark step one of the Group to develop its healthcare and aged care enterprise.
As one of many largest property builders in Hong Kong, the Group strives to offer inexperienced and age-friendly amenities in its buildings, in addition to to supply group providers for the aged and to make Hong Kong a extra habitable metropolis. Pine Care is a sizeable native aged care house operator that has been dedicated to selling high quality aged care providers for years. The Group and Pine Care share the frequent perception in being ‘people-centric’. In response to the ageing inhabitants development in Hong Kong, the Group goals to develop its healthcare and aged care enterprise sectors by investing in Pine Care.
“This settlement marks one other essential funding underneath our enterprise diversification technique, and opens a brand new chapter in our healthcare and aged care enterprise growth,” commented by Donald Choi, Government Director and CEO of Chinachem Group. “Given Hong Kong’s ageing demographics, we’re assured within the prospects of the healthcare and aged care business. Following our ‘Triple Backside Strains’ precept that places equal weight on benefiting Folks, Prosperity and Planet, we are going to try to construct a extra habitable group for all generations.”
The Group at the moment has no intention to introduce any main modifications to Pine Care’s current operations and companies upon the acquisition. The Group will proceed to watch and evaluation Pine Care’s companies and operations on occasion, and will take steps that it deems crucial or applicable to optimise the worth of Pine Care.
The Group is actively learning the Persevering with Care Retirement Group (“CCRC”) idea, which is changing into more and more widespread in North America, Europe and Mainland China. Not like conventional aged care service ideas, CCRC is a sustainable group of aged vitality the place an array of providers similar to aged care houses, nursing houses and day care centres are offered alongside residences for senior residents, permitting retirees to take pleasure in quite a lot of social, leisure and care providers to boost their high quality of life and well-being.
The Group at all times cares about aged well-being. Its residential growth Mount Anderson is a pioneer in adopting the brand new idea of an all-age residing group. As well as, the Group and the Jockey Membership Institute of Ageing of the Chinese language College of Hong Kong are collaborating on a five-year mission to ascertain a set of pointers on the non-public residential housing for all-age group, which goals to assist the aged lead an gratifying life.
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About Chinachem Group
Since 1960, Chinachem Group has been a number one property developer in Hong Kong, with a portfolio overlaying residential, industrial, retail and industrial buildings for gross sales and funding, along with working motels and property administration providers. The Group actively seeks to make a optimistic contribution to society via its adherence to the ‘Triple Backside Line’, a dedication that its actions will profit Folks, carry Prosperity to the group and protect the Planet. Please go to 
www.chinachemgroup.com/en
