Chinachem Group Acquires approximately 56% Interest in Pine Care

HONG KONG SAR - Media OutReach - 31 August 2022 - Today, Chinachem Group (the "Group") announces the acquisition of approximately 56.15% interest in Pine Care Group Limited ("Pine Care") (Hong Kong Stock Code: 1989) from its controlling shareholders for a total consideration of approximately HK$451.2 million, subject to certain conditions precedent being fulfilled or waived. It is expected that this investment will mark the first step of the Group to develop its healthcare and elderly care business.

As one of the largest property developers in Hong Kong, the Group strives to provide green and age-friendly facilities in its buildings, as well as to offer community services for the elderly and to make Hong Kong a more liveable city. Pine Care is a sizeable local elderly care home operator that has been committed to promoting quality elderly care services for years. The Group and Pine Care share the common belief in being 'people-centric'. In response to the ageing population trend in Hong Kong, the Group aims to develop its healthcare and elderly care business sectors by investing in Pine Care.

"This agreement marks another crucial investment under our business diversification strategy, and opens a new chapter in our healthcare and elderly care business development," commented by Donald Choi, Executive Director and CEO of Chinachem Group. "Given Hong Kong's ageing demographics, we are confident in the prospects of the healthcare and elderly care industry. Following our 'Triple Bottom Lines' principle that puts equal weight on benefiting People, Prosperity and Planet, we will strive to build a more liveable community for all generations."

The Group currently has no intention to introduce any major changes to Pine Care's existing operations and businesses upon the acquisition. The Group will continue to monitor and review Pine Care's businesses and operations from time to time, and may take steps that it deems necessary or appropriate to optimise the value of Pine Care.

The Group is actively studying the Continuing Care Retirement Community ("CCRC") concept, which is becoming increasingly widespread in North America, Europe and Mainland China. Unlike traditional elderly care service concepts, CCRC is a sustainable community of elderly vitality where an array of services such as elderly care homes, nursing homes and day care centres are provided alongside apartments for senior citizens, allowing retirees to enjoy a variety of social, entertainment and care services to enhance their quality of life and well-being.

The Group always cares about elderly well-being. Its residential development Mount Anderson is a pioneer in adopting the new concept of an all-age living community. In addition, the Group and the Jockey Club Institute of Ageing of the Chinese University of Hong Kong are collaborating on a five-year project to establish a set of guidelines on the private residential housing for all-age community, which aims to help the elderly lead an enjoyable life.

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