Luxury retirement community developments and healthcare are markets with potential, as the country has a growing number of high net worth individuals (HNWIs), a report said Thursday.
The report, released jointly by Taikang Life Insurance Co, an insurance firm in China, and the Hurun Report, a business and luxury lifestyle media company, found the majority of HNWIs (individuals worth $1 million or more) are interested in high-end retirement communities with professional healthcare facilities.
Among 1,119 Chinese HNWIs surveyed, 70 percent said they wanted to know more about high-end retirement communities, and they ranked professional healthcare as the most important feature of such establishments, the report found.
With an increasing number of wealthy Chinese individuals and a growing concern among them over healthcare and life after retirement, there is a great opportunity for business, said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report.
According to the report, there were 1.21 million Chinese individuals with personal wealth of 10 million yuan ($1.567 million) or more as of May, which represented a year-on-year increase of 11 percent.
The total assets of HNWIs in the Chinese mainland reached $9.5 trillion.
The report said that there is growing concern among Chinese HNWIs over healthcare after retirement, which explains their high enthusiasm toward medium and high-end retirement communities with healthcare facilities, a natural environment and other lavish features.
