China's first Sino-foreign apartment block specifically for the elderly is to open in Shanghai by the end of the year, targeting high-end customers, eastday.com reported Tuesday.
The apartments are located in the Shanghai Pudong Kangqiao Industrial Zone, and take up an area of 19,511 square meters and floor space of 14,330 square meters.
The project was jointly invested in by the US-based Holiday Apartment Group for the Elderly and the Shanghai Anhui Yu'an Industrial Corporation, with a total investment of more than US$7 million.
The apartment block was completed after two years of construction, housing one and two bedroom apartments, said Cheng Zhuomeng, general manager of the block. The apartment building can accommodate more than 300 elderly people, Cheng said. The monthly rental charges haven't been decided yet, he said.
They will possibly be higher than the average cost of apartments for the elderly due to amount invested, Cheng said. "Wealthy elderly and overseas Chinese will be our target consumers," he added.
"We are busy making preparations for the opening, such as reviewing the operational models," Cheng said. "I hope the opening will come as soon as possible," he added.
They have advertised the Shanghai apartments for the elderly in Canada, and more people have made consultations, Cheng said.
(eastday.com June 5, 2002)
