Baycrest Global Solutions gains foothold in China’s growing elder care industry.
October 28, 2014
Toronto, ON – Baycrest Global Solutions Inc. (BGS), the commercial arm of Baycrest Health Sciences, signed its first major contract with a Chinese business partner today to help the world’s most populated country build high quality seniors’ housing and skills capacity in geriatric care.
China is facing an aging tsunami in the next few decades. There are more than 200 million people over the age of 60 in China today and that number is expected to double to 400 million by 2050, accounting for one-third of the country’s total population. An aging population is expected to drive an investment boom in China’s elder care industry.
On Tuesday, BGS signed a five-year agreement with private equity-backed investor, Star Capital, to provide geriatric care consulting services. Star Capital plans to create eight senior living complexes throughout China and a specialized hospital in seniors’ care. The contract is valued at close to $1-million dollars.
“Global partnerships between innovative companies like Baycrest Global Solutions Inc. and Star Capital benefit both Ontario and China,” said Michael Chan, Minister of Citizenship, Immigration and International Trade. “The China mission is part of our government’s Going Global Trade Strategy to strengthen our economy at home and to help companies of all sizes succeed internationally.”
The Baycrest-Star Capital agreement was one of several business deals highlighted during a bi-lateral contract signing between the Governments of Shanghai and Ontario at the Shanghai Innovation Centre today. The event was held to celebrate Chinese-Canadian business partnerships. Ontario Premier Kathleen Wynne, Mr. Chan, and other representatives of her government were in attendance along with Chinese government officials and Chinese and Canadian industry representatives, including Baycrest President and CEO Dr. William Reichman.
“Sharing Baycrest’s expertise to maximize the age-related cognitive and mental health of older adults in our community and around the globe is one of our key strategic goals,” said Dr. Reichman. “This contract with Star Capital marks a significant milestone for Baycrest Global Solutions in gaining a foothold in the world’s second largest economy where the healthcare sector and its related industries, including seniors’ supportive housing and geriatric care services, are poised for considerable growth in the years to come.”
In 2012, BGS secured a multi-year contract with China’s top medical school, Peking Union Medical College (PUMC), to provide annual observerships for PUMC medical students and faculty to learn best practices in geriatric care and related multi-disciplinary care at Baycrest’s campus.
About Baycrest Health Sciences
Baycrest is unique in the world, combining a comprehensive system of care for aging adults, one of the world’s top research institutes in cognitive neuroscience, dedicated centres focused on mitigating the impact of age-related illness and impairment, and unmatched global knowledge exchange and commercialization capacity. Baycrest Global Solutions Inc. was established in 2012 to help healthcare providers in Canada and around the world deliver the best in geriatrics programming, therapies, education and technologies.
About Star Capital
Star Capital was launched in 2010 by the Fosun Group, the largest real estate private equity investment company in Mainland China. Fosun, created in 1992, is a world-class investment group led by four strategic investment driving forces: finance, healthcare, logistics and cultural industry. To date Star Capital has placed more than $1.6B U.S. in real estate investments throughout China.
For more information on this press release, contact:
Senior Media Officer
Baycrest Health Sciences