CRSA, a developer and manager of senior living communities announced an agreement with Guangdong Oursjia Retirement Communities Services Company, Ltd. of the People’s Republic of China (Oursjia) to develop and manage senior living communities across China on Tuesday.
By 2020, the percentage of the Chinese population over the age of 65 is estimated to be at 12% (U.S. rate of 13%) and at 24% by 2050 (U.S. 20%). That means 350 million people – more than the total population of the United States in 2011 – will be over the age of 65 by 2050.
“We recognized the tremendous need for senior housing in the China market and welcomed the opportunity to engage in discussions with Oursjia,” stated Earl Wade, CRSA Chief Operating Officer, in making the announcement. “We are honored that Oursjia, and its Chief Executive Officer, Mr. Jiang, selected CRSA to work with them in addressing this need. Mr. Jiang has a clear vision of the senior housing concept for China. Combining CRSA’s expertise and customized approach to development and management in the senior living market with Mr. Jiang’s vision will set the standard for modern senior housing in China.”
The two companies have already begun development efforts for senior living communities in Beijing (Qinglong Manor) and Guangzhou (Nansha District). In addition, Oursjia has identified additional sites across China and expects to begin development of these sites in the near future.
“The growth plans of Oursjia in the senior living market align well with our core business experience,” commented Wade. “We look forward to a long and mutually beneficial relationship with Oursjia.”