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China s rich look to new retirement options

BEIJING (China Daily/ANN) - A survey among millionaires in Beijing, Shanghai, Guangzhou and Shenzhen shows that there is a demand for senior living communities.

 

Interest in senior living communities has risen 87 per cent year-on-year, according to a survey.

 

It found interest high, especially among young people under 35-year-old who had more open-minded and optimistic attitudes toward retirement. Their interest jumped from 17 per cent to 39 per cent.

 

With the rapid rise in the recognition of and demand for new types of senior living homes among China's super rich, senior living communities have become the preferred mode of retirement, with younger respondents most interested in them, according to the Retirement Planning and Healthcare of Chinese High-Net-Worth Individuals 2016, a report released by Taikang Insurance Co and Hurun Report on Monday in Beijing.

 

The study was based on a survey of 1,125 HNWIs across China and 30 one-to-one interviews with millionaires in Beijing, Shanghai, Guangzhou and Shenzhen. This is the second year the report was issued.

 

As of May 2016, about 13.4 million Chinese have 10 million yuan ($1.5 million) in net worth or more, up 10.7 per cent. Those with 100 million yuan or more stand at about 89,000, up 14.1 per cent.

 

And 57 per cent of those surveyed regard retiring at home as their first choice, down from 77 per cent in 2015. About 28 per cent chose medium- to high-end elderly care homes, up from 15 per cent year-on-year. About 8 per cent want to stay in community-supported retirement, up from 5 per cent in 2015.

 

In retirement, they expect to lead colourful and relaxed lives and travel extensively. They are increasingly independent about retirement planning, preferring to prepare through investment and insurance, rather than expecting their children to look after them, according to the report.

 

Healthcare is the first place concern for China's super rich, displacing financial investment, which fell to third. Sports come second, with 29 per cent. They also expressed an interest in news and tourism.

 

They would consider using 2.5 different kinds of medical institutions on average this year, up from 1.7, reflecting a diversification in choice.

 

Compared with last year, their attitudes are becoming more open and the range of their choices more diverse. Many more are willing to use new medical treatment methods, with all categories witnessing increases.