Chinese elderly population (80 years and older) rose to 23 million, and the annual growth of one million people would continue to 2025
Dallas, TX (PRWEB) March 18, 2014
Currently, China has entered the accelerated aging period. China’s population aged 65 and above reached 131.61 million in 2013, accounting for 9.7% of total population; and the proportion will rise to 10.7% in 2016. Meanwhile, the rising old-age dependency ratio (shown as the proportion of aged dependents per 100 working-age population) as well as the growing number of elderly people, childless elderly, disabled elderly and elderly with chronic disease have exacerbated the seriousness of population aging in China.
In 2013, China’s dependency ratios of populations aged over 60 and above 65 were up to 21.4% and 13.1%, respectively; Chinese elderly population (80 years and older) rose to 23 million, and the annual growth of one million people would continue to 2025; disabled elderly population increased to 37.5 million; the elderly with chronic disease outnumbered 100 million.
To cope with the continuously compounded aging problem in China, the Chinese Government included the cause of aging in China’s Twelfth Five Year Plan (2011-2015) in 2011, and accelerated the introduction of policies to support the aged care industry from 2012 on, explicitly encouraged and guided private capital into the aged care industry as well as continued to lower barriers to foreign investment, etc.
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Real estate developers, insurance companies, diversified enterprises and foreign enterprises driven by the huge potential of aged care industry and many favorable policies have successively set foot in China’s senior housing, medical care, pension finance and other aged care fields.
Among real estate developers, Poly Real Estate tapped into the aged care industry through transformation of existing projects, development of senior apartment, grafting of tourism real estate, pension institutions and community health center as well as other forms; followed by AIWAN Investment Corporation and Shenzhen World Union Properties Consultancy Co., Ltd. via building “large-scale comprehensive national chain of retirement community” and creating “investors + developer + service provider + operator” whole-chain development mode, respectively.
Insurance companies mainly turn to the development of retirement community to enter the industry. Based on a conservative estimate, Chinese insurance companies had invested RMB50-60 billion in the field of aged care real estate by the end of 2013. So far, Taikang Life has laid out pension projects in Changping (Beijing), Songjiang (Shanghai), Luogang (Guangzhou) and Sanya (Hainan). In November 2013, Union Life became the first to build retirement community in the industry in Wuhan, which, unlike retirement communities of Taikang Life and other insurance companies positioned in the high-end market, was middle-positioned, with target customers covering a wider range.
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Moreover, diversified enterprises e.g. Sinohydro Real Estate, Legend Holdings, Antaeus Group and Jinling Hotel, foreign companies e.g. Fortress Investment and Emeritus have also entered China’s aged care industry.
China Aged Care Industry Report, 2013-2016 mainly covers the followings:
- Overview of aged care industry in China, involving aged care model, industrial chain and basic features, etc.;
- Analysis on aged care system in China, including industrial policy environment, old-age security system, medical security system, financial security system, etc.;
- Analysis on aged care market in China, covering demand, supply (including home-based and institutional care for the aged), development tendency, etc.;
- Analysis on aged care real estate in China, including lessons drawn from advanced foreign models, industry development status, industry competition, industry profit models, projects under construction, industry investment risk, etc.;
- Operation, aged care business, future development planning, etc. of major aged care companies in China (containing four real estate companies, four insurance companies and seven other companies).
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