VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 9, 2016) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Element Lifestyle Retirement Inc. (TSX VENTURE:ELM) (the “Company” or “Element”) announced today that it has established a wholly-owned subsidiary in Hong Kong, under which Element intends to expand its retirement community services business to China.
Element plans to provide services in the development and operation of retirement communities to owners of real estate properties in China. Similar to its business in Canada, it is contemplated that Element will earn fees for managing the planning and development of new retirement communities in China. In addition, Element expects to earn ongoing fees for managing the operations of new and existing retirement communities in China. Element believes that there is also a need in China for its expertise in the redevelopment of existing facilities into retirement homes.
According the United Nations Population Division, China has entered the “rapidly aging population” growth stage, and the number of individuals over 65 will reach 200 million in 2015 and exceed 300 million by 2050. A 2015 report by Colliers International stated that the “current stock of senior housing in China is limited in both total units and variety”, and the Chinese central government recognizing the problem, has “introduced several policies to attract both foreign investors and private domestic enterprises to this real estate sector.”
“We believe that China represents a unique opportunity for our team to leverage its proven track record of developing and managing retirement communities in Canada to become a leader in the world’s largest growth market for our sector,” said Michael Diao, CEO of Element. “Element has strong relationships in China, including some of our major shareholders, that will help us enter the market. We intend to limit our risk and exposure in China by working with local partners.”
The Company is conducting due diligence and discussions with prospective business partners, including some related parties, regarding the establishment of a China based subsidiary of its wholly owned Hong Kong subsidiary. The partners will be expected to contribute capital, local expertise and relationships to the proposed China subsidiary.
About Element Lifestyle Retirement
Element was established in June 2013 in Vancouver, British Columbia. It is in the business of providing specialized development expertise and flexible, innovative management services for senior retirement communities. The core business of Element is the development and management of third party assets in the “senior retirement community” space. Element aspires to be one of the most respected senior living specialists in North America, emphasizing the “Continuum-of-Lifestyles” model, which encompasses a smooth, seamless transition for seniors from independence to assisted living to complex care. The management team of Element has over 20 years of experience developing and operating retirement communities.
ON BEHALF OF THE BOARD ELEMENT LIFESTYLE RETIREMENT INC.
“Michael Diao”
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Michael Diao
Chief Executive Officer and Director
(604) 676-1418
www.elementlifestyleretirement.com