2024 Winter Issue of Urban Land - 64

The developmenT of senior housing in
Hong Kong requires high-level government
support and cooperation between the private
and public sectors to encourage much-needed
new facilities.
ULI Asia Pacific and the Chinachem Group
launched the Senior Housing: A Business
Case for Investment in Hong Kong report
at a seminar in Hong Kong's Central Market
on October 19, 2023. Speaking at the event,
ULI APAC CEO Alan Beebe said housing
attainability was one of the organization's
key mission priorities. " We believe the public
and private sector [need] to come together,
to work together, on innovative solutions to
address this challenge, " Beebe said.
Hong Kong has a population that is among
Alan Beebe, CEO,
ULI Asia Pacific
the most rapidly aging ones in the world.
Between 2011 and 2021, the proportion of
persons there who are 65 or older rose to 20
percent from around 13 percent. The senior
population is projected to continue to increase
during the next 20 years and become nearly
one third of Hong Kong's population-close to
2.5 million people-by 2038.
More than 70 percent of the senior
population suffers chronic conditions, such
as hypertension, diabetes, arthritis, and
heart disease, which require monitoring or
treatment. Many older Hongkongers are
also wealthy: the median age of the city's
millionaires is 58, meaning they have the
financial capacity to look to higher-end senior
housing options for retirement.
One of the key reasons for developing
a senior housing sector is to save the
government money, according to Ryan Ip,
vice president and cohead of research at the
Our Hong Kong Foundation. " We have around
20 percent of government expenditure on
services for seniors, " Ip said, " mainly in health
care. Yet studies have shown that good senior
housing means people stay healthier longer
and at lower cost. "
Retirement age is 65 in Hong Kong but,
globally, senior housing tends to target
64
URBAN LAND WINTER 202 4
CHINA CHEM

2024 Winter Issue of Urban Land

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