Perennial to buy 49.9% of Shanghai eldercare firm
It is injecting 735.5m yuan into Renshoutang to become the biggest shareholder and aims to turn the top Shanghai eldercare player into one of the biggest in China
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PERENNIAL Real Estate Holdings has agreed to buy 49.9 per cent of the largest private eldercare operator in Shanghai for 735.5 million yuan (S$148 million).
It will inject the capital into Shanghai RST Chinese Medical Co (Renshoutang), which operates 11 eldercare facilities with over 2,400 beds, and four pharmacies, each with a dedicated TCM (traditional chinese medicine) clinic. They are predominantly located in Changning District in Shanghai.
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