Meanwhile, housing has become increasingly unaffordable for young people, with prices almost quadrupling over the past 20 years, reaching an average 7,892 yuan ($1,176) per square meter in 2017. The situation is even worse in first-tier cities such as Beijing and Shanghai.

There has also been explosive growth in rents in recent years, making cost an increasing burden for fresh graduates there.

Chen Xiaoqing, the Party chief who oversees the community project, said five senior residents in her community have signed up for the program, and said the program could be a win-win solution for the aging issue and the soaring house prices.

Hiring nannies has traditionally been the solution to looking after senior citizens, but Chen said this approach can often neglect the psychological needs of the elderly.

Despite the advantages, Chen admitted the "matchmaking" process was not easy, and the success rate was low because it had rigid requirements for its participants.

"The senior participants should be able to care for themselves, and the young should have a sterling character, and the pair should be of the same gender," she said.

But she added that the program is a wholesome attempt to find a way to look after aging residents.