China Life to invest in senior-care industry via 8.5 billion yuan partnership

China Life Insurance (2628) said it plans to form a partnership that focuses on investments in the senior-care industry with sister company China Life Qiyuan.

The total capital contribution by all partners would be 8.5 billion yuan (HK$9.52 billion), including 8.49 billion yuan to be injected by China Life Insurance, according to a filing on Friday. 

The partnership will establish or acquire project companies engaged in the senior-care real estate business, either directly or through its invested funds, it said. 

It will employ strategies such as investing in and holding real estate, leasing real estate, or utilizing real estate through public-private partnership models to renovate and modify the properties involved for the operation of senior-care services projects, with the goal of generating operational income and asset appreciation, and to conduct other investments permitted by applicable laws.