Perennial International Healthcare and Business City Tianjin has three hospitals offering over 1,000 beds in total and three eldercare facilities. -PERENNIAL HOLDINGS
TIANJIN: Some Singapore companies are expanding their business in Tianjin, China, targeting opportunities in areas such as the growing silver economy with eldercare and medical facilities.
A S$1 billion integrated development in the city, by Singapore property developer Perennial Holdings, officially opened four new hotels on Sept 25. The hotels, ranging from three- to five-star, will not only serve travellers but also support the growth of medical tourism at the development’s healthcare facilities.
Called Perennial International Healthcare and Business City Tianjin, the 3.5 million sq ft project has three hospitals offering over 1,000 beds in total and three eldercare facilities including an eldercare home.
It is located next to Tianjin South high-speed railway station to cater to people from Beijing, Tianjin and Hebei in northern China. It is billed as one of the first developments in China to tap major transit nodes such as high-speed railway stations to provide integrated eldercare, medical care and hospitality.
On Sept 25, National Development Minister Desmond Lee, who is visiting Beijing and Tianjin from Sept 24 to 28, officiated at the launch of Perennial’s project.
He is in China for bilateral meetings and to co-chair the Singapore-Tianjin Economic and Trade Council meeting along with Tianjin Mayor Zhang Gong. Lee is accompanied by Senior Minister of State for Foreign Affairs and National Development Sim Ann and a business delegation of more than 50 representatives from Singapore firms and organisations.
At the launch, Lee said Perennial’s development underlines the interest of Singapore companies in Tianjin, calling it a “good example of how both sides can jointly unlock new business opportunities from addressing global challenges like ageing and global warming”.
He also launched Singapore property developer Tiong Seng Silvercare’s Watermark lifestyle centre in Tianjin. This was designed in line with Singapore’s concept of active ageing centres, which provide health and recreational facilities to residents living nearby.
As the Tianjin centre is Tiong Seng’s first foray into the silver economy, the firm aims to build up expertise in this area in Tianjin, before seeking more opportunities in Singapore and other Chinese cities.
In recent years, overall foreign direct investment in China has been trending downwards, dropping by almost US$15 billion (S$19.3 billion) in the second quarter of 2024. But some foreign investors have seized opportunities as China’s population greys and fewer babies are born.
In 2023, about 21.1 per cent of China’s total population – or nearly 297 million – were aged 60 and above. China’s National Health Commission estimates that the country’s elderly population will grow to more than 400 million by around 2035.
In 2024, the size of China’s silver economy is estimated to be around 7 trillion yuan (S$1.28 trillion), equivalent to around 6 per cent of its gross domestic product, according to the state-affiliated China Research Centre on Ageing.
Pua Seck Guan, executive chairman and chief executive of Perennial Holdings, told The Straits Times that the company’s focus is to meet the demand for senior healthcare in China. There are plans to replicate the integrated model, he said, in other projects in places like Kunming, Xi’an and Chengdu.
“We want to meet this demand and make sure that the environment and service we provide is better than what they can get at home,” said Pua.
At Tiong Seng’s Watermark lifestyle centre, Chen Xiangzi, 50, a retiree, said elderly-friendly facilities in Tianjin have increased in the three years since she moved there from her home town of Baoding, Hebei.
Chen now lives in Tiong Seng’s residential development near the lifestyle centre with her husband and dog. She said: “When we were looking for somewhere to live, we chanced upon this place and thought it would be a good place for our retirement.” - The Straits Times/ANN
