China Everbright backs senior care housing in south China

The Hong Kong-based firm, which is exposed to energy and PPPs through various other structures, is making forays into the healthcare sector through its second dedicated fund.

China Everbright has made its debut healthcare investment in south China through its subsidiary Beijing Everbright Huichen Nursing Home Services.

Huichen Nursing and Suzhou National Hi-Tech District, a designated region for industrial development in China, have teamed up for the Yangshan Senior Apartment Phase III Project, a premium community for the elderly in Suzhou. The apartment is expected to be fully operational in May 2017.

The investment in Yangshan is Huichen Nursing’s first foray into elderly care service in the Yangtze River Delta area in south China, having initially established a chain of elderly service facilities in Beijing and Shandong province. The company manages six retirement houses in Beijing and serves more than 10,000 senior citizens.

China Everbright is in the process of deploying its second healthcare fund, 2015-vintage Everbright Medical and Healthcare Fund II, which raised 1 billion yuan ($146 million; €136 million).

Last year the Hong Kong-based firm bought US biotech company Ambrx and in June this year completed the acquisition of Chinese medical equipment company Dalian Neusoft Holdings.

China Everbright is also in market with its CEL Global Investment fund, which has so far raised $264 million in April, against a target of $500 million.

The firm manages over HK$ 68 billion ($9 billion; €8 billion) across three private equity, mezzanine, venture capital and sector-focused funds.