Major security company Secom Co. said Wednesday it will partner with a real estate developer in China to launch a luxury nursing home business.
Secom Medical System Co., a Secom subsidiary, will set up a joint venture with Shanghai Lujiazui Finance & Trade Zone Development Co. and start the business in 2015 in Shanghai, which has a growing senior citizen population.
It will be Secom’s first elderly care facility in China.
Secom intends to expand the business to 18 cities, including Beijing and Guangzhou, where the company operates a security business for corporate clients.
The new company will be established with capital of between ¥100 million and ¥2 billion, of which at least 70 percent will be shouldered by Secom Medical System and the rest by the Shanghai-based partner.
The joint venture will construct a building with a total floor space of 20,000 sq. meters in the Pudong New Area of Shanghai. The building will have 120 rooms, including eight nursing rooms, Secom said.
Utilizing Secom Medical System’s knowhow for nursing care services and medical institution support, Secom plans to provide medical, nursing care and meal services at the luxury facility in Shanghai. It will also introduce a security system that is easy for the elderly to use, officials said.