Guangzhou City Construction & Development Design Institute Co signed an agreement on Tuesday with Australian company Independent Management Group to forge a strategic alliance for senior living business.

The two sides will share expertise in planning, design, management and service related to senior living, said Li Wei, president of Guangzhou Institute, which is wholly owned by Guangzhou-based and Hong Kong-listed developer Yuexiu Property Co.

The senior living industry has a huge potential in China. The number of people aged 60 or above passed 200 million last year, said Huang Weigang, deputy general manager of Yuexiu Property.

The elderly need public services that are supported by related government policies and growing personal wealth, he said.

Guangzhou Institute has been involved in the design of some nursing homes in Guangzhou and Yuexiu Property set up a seniors housing research center last year.

Yuexiu Property plans to launch pilot projects in the near future to renovate some clubhouses in communities and turn them into day centers for seniors.

It hopes to bring in expertise to help plan and operate such centers, Huang said.

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