Retirement Concepts sale to a Chinese insurance company was approved by the federal government recently.
It is one of the largest chain of retirement homes with locations in British Columbia and Alberta.
A subsidiary of Beijing-based Anbang Insurance Group, Cedar Tree Investment Canada Inc.. purchased a majority interest in Retirement Concepts. The company operates about 24 assisted-living residences,
While the sale was approved federally, British Columbia’s Health Minister, Terry Lake, was quoted saying B.C. health authorities have yet to complete the review of the sale or issue operating licenses.
“It’s a lot of information that the health authority is looking for because they want assurance that the new owner will uphold all of the terms and conditions of the contract or have a solid understanding of what the regulatory requirements are,” Holmes said, according to Courtney Dickson of CBC News.
Retirement Concepts said, at the end of 2016, that under the partnership arrangement, Retirement Concepts would continue managing the day-to-day operation of the communities, which would mean no change in staffing plans or procedures.
For reasons beyond our control, and for an undetermined period of time, our comment section is now closed. However, our social networks remain open to your contributions.