Greenland HK, Provectus Care and SIMC form JV to provide care to Alzheimer's patients

More JV health institutions will be introduced in the Yangtze River Delta and Pearl River Delta regions.

Greenland Hong Kong Holdings Ltd said in Shanghai today it is tying up with Provectus Care, an Australian aged care group, and Shanghai International Medical Center to launch the first institution in Shanghai that provides professional care for Alzheimer's patients.

Scheduled to open in July at SIMC with a capacity of 60 beds, the joint venture institution is 70 percent held by Hong Kong-listed Greenland Hong Kong, part of state-backed developer Greenland Group, 20 percent by Provectus Care and 10 percent by SIMC.

"Greenland Hong Kong is vigorously expanding its healthcare businesses which cover various sectors including medical treatment, rehabilitation and aged care," said Chen Jun, chief executive officer of Greenland Hong Kong. "We feel very positive about the potential of the healthcare and aged care industry in China which is seeing a rapidly growing aging population mainly due to longer life expectancy and declining fertility rates."

There were 230 million people aged over 60 years in China at the end of 2016, or 16.7 percent of the country's total population, according to official statistics released earlier.

Shane Moran, managing director of Provectus Care, which operates more than 120 medical and aged care facilities worldwide, said the joint venture "will be one of the many projects we have in partnership with Greenland Hong Kong and SIMC in our pipeline," adding that these institutions will be later introduced in the Yangtze River Delta and Pearl River Delta regions.

The Hong Kong company also unveiled today its life and health service platform — the Greenland Hong Kong Health Investment Co Ltd which seeks to invest in nursing, rehabilitation, aged care, clinical and smart healthcare sectors.