Econ Healthcare's first nursing home in China commences operations

PRIVATE nursing home operator Econ Healthcare on Monday said it commenced operations at its first nursing home in China.

The nursing home is a joint-venture (JV) project with the group's partner, Chongqing Guangda Bailingbang Eldercare Industry. Econ Healthcare and the partner hold a 60 per cent and 40 per cent stake in the JV respectively.

The 44-bed ECON Medicare Centre and Nursing Home - Chongqing is located in the Jiefangbei area, the central business district of Yuzhong District in Chongqing. It sits on a land area of more than 3,000 square metres, Econ Healthcare said in a bourse filing.

The newly-renovated building is four storeys high and has incorporated technology and innovation such as an automated robotic kitchen and an intelligent eldercare panel which monitors the elderly round the clock.

Econ Healthcare said the nursing home serves as a model for its future nursing homes in China. It has a second 280-bed project located at Changshou, another district of Chongqing, which it expects to commence operations next year.

The group said the opening of the nursing home is not expected to have any material impact on its earnings per share or net tangible assets per share for the financial year ending March 31, 2022.

Shares of Econ Healthcare closed 8.3 per cent or 2.5 Singapore cents higher at 32.5 cents on Monday.