Emeritus Corporation, a national provider of senior living services, and Seattle-based Columbia Pacific Advisors have entered into a memorandum of understanding to explore potential senior housing developments in China.
Under the memorandum, Columbia Pacific Advisors will conduct due diligence with respect to senior living development opportunities in China. Should projects emerge, Emeritus will have the opportunity to participate ventures up to 50%.
“The potential for senior housing in China is staggering,” said Dan Baty, chairman of Emeritus and founder of Columbia Pacific Advisors. “China has more than 167 million people age 60 or over. It is forecasted that this will approach a half a billion by the year 2050. In many ways China is where the U.S. was in the 1960’s when we first began to develop a senior housing industry for aging Americans.”