Two of the senior living facilities under the Retirement Concepts umbrella, in Courtenay. Photo by Scott Strasser.

21 retirement homes in B.C. now ‘owned’ by Chinese government

China has seized the Anbang Insurance Group — the parent company of 21 senior living homes in B.C.

More than 20 private retirement communities in B.C. are reassuring their tenants and staff that the Chinese government’s recent takeover of a large insurance conglomerate will not impact their day-to-day operations.

The Chinese Insurance Regulatory Commission seized control of the Anbang Insurance Group on Feb. 23. The insurance regulator cited fraud charges against Anbang’s former chairman Wu Xiaohui and risk of insolvency as reasons for the government’s takeover.

Anbang is a Beijing-based equity and insurance firm that owns billions of dollars worth of properties and assets around the world, including Canada.

Now, the biggest retirement and senior housing chain in B.C. — which has been underneath Anbang’s ownership for just over a year — is trying to reassure its stakeholders that the takeover will not affect its autonomy.

Anbang acquired Retirement Concepts last year for roughly $1 billion. The company owns 21 private retirement homes in B.C.

Following last week’s seizure of Anbang, the labour union that represents Retirement Concepts employees expressed concerns that the acquisition could affect the chain’s employees in B.C.

The BC Government and Service Employees Union Local 0402 (BCGEU) represents more than 850 workers at nine Retirement Concepts sites.

The union is among the groups that has criticized the federal Canadian government for allowing the sale of Retirement Concepts to Anbang last year.

BCGEU president Stephanie Smith said the union will be “keeping a close eye on the situation” as it unfolds.

“We will continue working in the best interests of our members and for the vulnerable clients they serve,” she said in a statement, acquired by Black Press. “We want to ensure that both our members’ jobs and services to seniors are protected.”

In response to the takeover of Anbang, Retirement Concepts issued a statement to reassure tenants, staff, and union representatives that the changes will not impact its day-to-day operations or staffing levels.

“As announced by the Chinese Insurance Regulatory Commission, an Interim Management Working Group will temporarily oversee management of Anbang for a one-year period,” reads the statement.

“This temporary change in management at Anbang will not impact the operations of Retirement Concepts, its staff or residents.”

The statement goes on to say that Anbang will remain a private, independent company under the Chinese government’s control and that “its business and operations are stable.”

“Retirement Concepts communities are provincially regulated and we are required to report out monthly to ensure we meet the highest standards for residents, and this will not change.”

Senior living communities in B.C. under the Retirement Concepts umbrella include:

Vancouver Island:

  • Beacon Hill Villa, in Victoria
  • Selkirk Seniors Village, in Victoria
  • The Wellesley, in Victoria
  • Comox Valley Seniors Village, in Courtenay
  • Casa Loma Retirement Village, in Courtenay
  • Nanaimo Seniors Village
  • Stanford Seniors Village, in Parksville

Lower Mainland:

  • Auburn Seniors Residence, in Chilliwack
  • Dufferin Care Centre, in Coquitlam
  • Guildford Seniors Village, in Surrey
  • Langley Seniors Village
  • Maple Ridge Seniors Village
  • Peace Portal Seniors Village, in White Rock
  • Renfrew Care Centre, in Vancouver
  • Rosemary Heights Seniors Village, in Surrey
  • Waverly Seniors Village, in Chilliwack
  • White Rock Seniors Village

BC Interior:

  • Kamloops Seniors Village
  • Williams Lake Seniors Village
  • Summerland Seniors Village

Just Posted

Invermere gets new CAO

Invermere found his new CAO after a long period of research.

Radium council discusses short term rentals

RHS council are elaborating the second draft plan for STR

Farmers’ Institute report highlights emerging local food scene

Beef cattle ranching remains mainstay of valley agriculture

Beautification process begins in Canal Flats downtown

Canal Flats wants to improve the esthetic of the town

BC Liberal Leader talks drug addiction in the Lower Mainland

Drug addiction and public safety a top priority says Andrew Wilkinson

Pandemic derails CP Holiday Train

Canadian Pacific will work to get donations to food banks while also producing an online music concert

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Vanderhoof’s Brian Frenkel takes on top job in tough times

We can get through this, new local government leader says

Local councils important, Horgan says as municipal conference ends

B.C. NDP leader says ‘speed dating’ vital, online or in person

Penticton woman sentenced to one year in prison for manslaughter of teen boyfriend

Kiera Bourque, 24, was sentenced for manslaughter in the 2017 death of Penticton’s Devon Blackmore

B.C. Green leader says NDP abandoning environmental plan

Horgan’s claim of unstable government false, Furstenau says

Most Read