A Chinese insurance company is trying to buy the company that owns two high-profile retirement homes in Parksville Qualicum Beach.
Retirement Concepts president and CEO Azim Jamal confirmed Monday the company is entering what he called a “partnership” with a company named Cedar Tree, which is linked to Anbang Insurance Group of China. Retirement Concepts owns 24 retirement facilities, mostly in B.C., including Stanford Place in Parksville and The Gardens at Qualicum Beach.
Jamal said The Gardens at Qualicum Beach is not part of this new partnership. Stanford Place in Parksville has 234 residents.
“I would like to say that we are pleased to be entering into a partnership with Cedar Tree,” Jamal told The NEWS through an email on Monday. “We believe it is in the best long-term interests of our residents and our business.”
Jamal said it will be “business as usual” at Stanford Place.
“We are also pleased that under the partnership agreement Retirement Concepts will continue to manage and operate the properties and there will be no change to the staff or senior leadership team at either the community or corporate level,” he said.
“What we like about this relationship is that our corporate team will remain intact to provide continuity to our residents and our business.”
“We are also very pleased that the operations will remain headquartered in B.C.”
The Globe and Mail reported Monday the deal is currently under the scrutiny of the federal government’s Investment Review Division.
The Globe also reported that Retirement Concepts is the highest-billing provider of assisted living and residential care services in the province. The Globe said B.C. government paid the company $86.5-million in the 2015-16 fiscal year, more than any other of the 130 similar providers.
Jamal also told The NEWS there will be no changes to the operations at Stanford Place.
“Retirement Concepts will continue to own a stake and manage the operations of your seniors’ community, such that there will be no change to the quality of care provided to our residents or to our policies, procedures and other operating standards,” he said. “There will also be no change to our staff and leadership team, both at the community and corporate level, other than in the normal course of business.”