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Columbia Pacific Partners with Chinese Developer on New Senior Living Projects in China

2013年04月24日 AM02:10
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SEATTLE

Columbia Pacific, a Seattle-based company, is partnering with one of China’s largest real estate developers to build senior living facilities in Beijing, including a 60,000-square-foot facility set to open this summer.

The partnership marks the first time a foreign senior living operator has worked with a leading Chinese developer, and it creates a new model for the senior living industry in China.

Cascade Healthcare, a China-based affiliate of Columbia Pacific, and Sino-Ocean Land, the Chinese developer, have formed a Sino-Foreign Joint Venture to develop and operate their first project together: a senior care facility in southeast Beijing.

The 60,000-square-foot facility, Senior Living L’Amore – Kaijian, is being constructed in Sino-Ocean’s Ocean Palace luxury residential housing community in the Yizhuang area of Beijing. When it opens this summer, the 110-bed facility will provide residential senior care services to Chinese seniors, adapting the best international standards of management and care to local Chinese cultural norms. Sino-Ocean Land and Cascade Healthcare will each put up 50 percent of the registered capital of the new facility and jointly oversee project operations.

In China, Cascade Healthcare goes by the trade name Kaijian.

Cascade Healthcare is the first fully licensed foreign-invested senior care company in China. In October 2012, the company opened its first facility, Shanghai Kaijian Huazhan Senior Care Service, in a residential neighborhood in the Xuhui District of Shanghai. The 50,000-square-foot, 100-bed community offers senior care services in a home-like environment, incorporating residential and hospitality services with world-class senior care and an on-site medical clinic.

Cascade Healthcare will open its third senior care community, in the Pudong District of Shanghai, this fall and has a pipeline of additional projects throughout China.

Columbia Pacific, a Seattle-based company with significant real estate development and operating experience, was founded in 1986 by Daniel R. Baty and his partners. Baty is a highly respected pioneer in the senior housing industry, having developed more than 150,000 units of independent living, assisted living, skilled nursing and rehabilitation services in the United States, Europe and Asia. He is the founder and Chairman of the Board of Emeritus Corp. (NYSE:ESC), the largest assisted living company in the United States, with more than 480 properties, with the capacity to serve 50,000 residents in 45 states. Baty is also the former Chairman of Holiday Retirement Corp., the largest senior independent living company in the world, which was sold to Fortress Investment Group, LLC in 2007.

Through a strategic partnership with Columbia Pacific, Emeritus is providing Cascade Healthcare with support in planning and layout; interior design and furnishings; selection and purchasing of specialty equipment; training of facility executive directors, nurses and caregivers; development of operating policies and procedures; and successful integration of hospitality and healthcare services.

Sino-Ocean Land, headquartered in Beijing, was established in 1993 and listed on the Hong Kong Stock Exchange (SEHK:03377) in September 2007. As one of the leading national developers in China, Sino-Ocean Land has achieved its nationwide expansion over the past 10 years, with projects in Beijing, Tianjin, Shanghai, Chongqing, Shenzhen, Dalian, Hangzhou and other major Chinese cities. Coinciding with its 20th anniversary, Sino-Ocean Land is establishing its subsidiary for senior living operations, and formally initiates the building of a new sub-brand, “Senior Living L’Amore.”

In addition to the Senior Living L’Amore – Kaijian project, Sino-Ocean Land and Columbia Pacific have entered into a Framework Agreement to jointly develop and operate senior living communities in Beijing, with the potential for expanding to other Sino-Ocean projects.

About Columbia Pacific

Columbia Pacific is a Seattle-based company with significant real estate development and operating experience founded in 1986 by Daniel R. Baty and his partners. Baty is the founder and Chairman of the Board of Emeritus Corp., the largest assisted living company in the U.S. Columbia Pacific, along with its affiliates, manages assets in a variety of real estate, development, operations and alternative investment strategies. An affiliated company, Columbia Asia, was founded in 1994 and now operates 23 hospitals in Southeast Asia and India.

About Sino-Ocean Land

Founded in 1993, Sino-Ocean Land was listed on the Main Board of the Hong Kong Stock Exchange (stock code: 03377) on Sept. 28, 2007 and has become one of the top ten Mainland real estate companies listed in Hong Kong. In March 2008, Sino-Ocean Land was selected as a constituent of the Hang Seng Hong Kong Composite Index and the Hang Seng China-Affiliated Corp Index. Sino-Ocean Land is mainly engaged in the development of mid- to high-end residential properties, premium office buildings, retail properties and serviced apartments. Based in Beijing, Sino-Ocean Land has a multi-regional and diversified portfolio of both development and investment properties. Sino-Ocean Land sold 18 million, 23 million and over 27 million square meters of real estate in 2010, 2011 and 2012, respectively. As of June 2012, Sino-Ocean has a land bank of approximately 253 million square feet across 19 Chinese cities.

About Emeritus

Emeritus Corp. is a national provider of senior living services. Emeritus is one of the largest and most experienced operators of freestanding assisted living communities located throughout the United States. These communities provide a residential housing alternative for senior citizens who need assistance with the activities of daily living, with an emphasis on personal care services, which provides support to the residents in the aging process. Emeritus currently operates more than 480 communities in 45 states representing capacity for about 50,000 residents. Our common stock is traded on the New York Stock Exchange under the symbol ESC, and our home page can be found on the Internet at www.emeritus.com.

CONTACT

U.S. Contact:
Ashley Bach / Pacific Public Affairs
206-682-5066
or ashley@pacificpub.com
or
China
Contacts:

Serena Xie / Cascade Healthcare
+86 138 1825 1224
or
Katherin
Kou / Sino-Ocean Land
+86 18611187276 or kouyr@sinooceanland.com

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