Elderly care provider goes private

Chinachem has received the green light to privatize Pine Care (1989) at HK$0.89 per share, as it grows its elderly care businesses in Hong Kong and the Greater China region.

Pine Care is a elderly care group in Hong Kong that is committed to promoting quality elderly services.

Chinachem bought a 56.15 percent stake in Pine Care for HK$451 million in August 2022 from its then-controlling shareholder, the Tang family, who are well known for their large number of Hong Kong retail properties.

Chinachem chief executive Donald Choi Wun-hing said that with an aging population, the group will actively develop its healthcare and elderly care business in line with a people-oriented concept to focus on the well being of older people.

Chinachem is studying a "continuous care retirement community" concept, which differs from the traditional model of elderly care.

It will be a sustainable and dynamic community for the elderly, providing different services, Chinachem said.