Greystone is pleased to announce a global, integrated development and management partnership with CITIC Guoan Investment Co., Ltd. (CITIC GAI). Beijing, China-based CITIC GAI, a wholly owned “flag enterprise” subsidiary of Guoan Group, is a real estate development and finance investment firm. CITIC GAI is committed to become China’s No. 1 urban services provider of senior living and senior care.
To make the partnership official, Greystone and CITIC GAI recently executed a Memorandum of Cooperation in a ceremony at the U.S. Embassy in Beijing.
Representatives from Greystone, CITIC Guoan and the U.S. Embassy in Beijing pose during a Memorandum of Cooperation ceremony in Beijing.
Greystone will provide comprehensive management consulting for CITIC GAI’s current portfolio of senior care projects in China, including the well-known Grand Epoch City, located in suburban Beijing. Greystone will also provide planning and operations management consulting to GAI’s high-end, large-scale senior care communities in China, including the Ermei and Beihai projects. The partnership allows for future projects throughout China, the U.S. and globally.
Greystone’s consultations will focus on strategic planning, hospitality training, accounting services and management systems. Greystone will customize a business plan, a financial management platform that includes budgeting and reporting, and a management operations training program for the Chinese market. Additionally, Greystone and GAI will jointly participate in a leadership role advising on government senior care policy and regulation improvements.
“Internationally, forward-looking firms like CITIC GAI have a growing interest in financial investments in the Chinese senior market, while seeking to replicate best practices from America to create quality senior housing,” said John Spooner, Greystone Vice Chairman and Chief Executive Officer. “Senior care is a core strength of GAI, and represents a significant investment and development strategy. GAI is driven by a mission to deliver best-in-class, environmentally-friendly housing and sustainable care services to seniors with responsible and ethical business practices, which makes the firm a natural partner for Greystone.”
“Our companies held extensive background discussions on the potential strength of the opportunities. Greystone believes that GAI and their partners offer many competitive advantages and market differentiators that will make these communities successful.”
GAI has strategic cooperation partnerships for the development of senior living projects with Public Holding Limited, Beijing Inno-Olympic Group Co., Ltd, and the Evergreen Senior Care Company.
About CITIC GAI
GAI is a registered company with equity capital of $840 million USD and total assets of $5 billion USD. Its business lines include real estate development, property management, asset management and investment in information consulting. CITIC Group, the majority shareholder of Guoan Group, is a state-owned multinational conglomerate, with more than 40 subsidiary companies in a wide range of businesses and approximately 10,000 employees. CITIC Group was listed 168th in the Global Fortune 500 in 2013. For more information, visit the CITIC Group website (English).
Greystone is a leading consultant to the senior living industry. The company has advised more than 500 senior care organizations on a wide range of issues including strategic planning, repositioning, development marketing and operations. Greystone has successfully managed more than 100 senior living community start-ups, redevelopments and expansions involving more than $6.5 billion in capital costs and providing approximately 11,000 housing and supportive care units for seniors. Project budgets have ranged from under $10 million to over $300 million USD. Greystone’s experience allows the firm to provide clients real-time advice and solutions. Greystone services are designed to help existing and potential sponsors and owners of senior living communities successfully develop a continuum of care for seniors including independent living apartments and cottages, assisted living units, personal and long-term care and Alzheimer’s care. Visit Greystone at www.greystonecommunities.com.