Retirement homes no longer a concept

The two sides will share expertise in planning, design, management and services related to retirement property, said Li

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Wei, president of Guangzhou Institute, adding his institute has been working on related standards.

The retirement property industry has huge potential in China and the elderly need public services that are supported by related government policies and growing personal wealth, said Huang Weigang, deputy general manager of Yuexiu Property, a real estate company.

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 is researching on building seniors' apartment buildings in new communities and will launch a new project with seniors-friendly designs soon, he said.

IMG is also working with its joint venture partner in China, Grand International Group, on feasibility studies for two projects in Guangdong and Jiangxi provinces.

It is also talking with a foreign joint venture for a retirement property project in China, having provided training to some Chinese property developers and government-funded programs. In June, IMG signed a memorandum of understanding with Shenzhen Qianhai Kunyuan Smarter Co, to assist the company in marketing of training programs. At the same time, it is also talking to some Chinese hospitals and hotels to offer more medical and accommodation options for future clients.

"We want to work closely with local developers and local people. We are not trying to bring an Australian product to China as it is," Malone said.

"We also want to make sure we have a product and a platform that is appealing to investors and developers so that funds or individual companies which want to move into this market recognize that here is a company that can assist. This is a long-term approach," she said.

Liu Kanyan contributed to this story.