(Yicai Global) Dec. 4 -- China Minsheng Investment Group (CMIG), the largest non-state investment group in China, set up a pension fund in Shanghai to support the development of pension industry, which is fast becoming the new investment focus for big conglomerates. Several real estate enterprises and investment groups have announced plans to operate in China's pension industry since the beginning of this year.
This CMIG fund will help elderly people in need of care, set up service centers in the community, and organize community-based volunteers to visit their homes on a regular basis for health examination and community support for the elderly, state-run Xinhua News Agency reported today.
Several real estate enterprises have already invested in the pension industry. Shanghai Land (Group) Co. has worked with China Vanke Co. [SHE:000002; HKG:2202] and the Shanghai University of Traditional Chinese Medicine to jointly establish a pension service operator. Greenland Group [SHA:600606] also plans to invest CNY20 billion (USD3.02 billion) within two years and build 100 residential centers for pensioners across China.
Fosun Group, the Shanghai-based investment giant, has also set up a comprehensive health investment operation platform to create several product lines including community health services, professional elderly care and rehabilitation care.
China is in a period of rapid population aging. As of the end of 2016, the population aged 60 and above in the country reached 230 million, accounting for 16.7 percent. It is estimated that this figure will increase to 255 million by 2020, amounting to 17.8 percent of the total population.