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

Courtenay council divided on proposed tax increase

Council votes 4-2 vote if favour of a proposed 2.5 per cent hike

Celebrating a centennial in Merville

In April 2019, the Merville Soldiers’ Settlement community will be 100 years… Continue reading

Eagle eye

Local shutterbug Tanja Kerr submitted another gem, this time of an eagle… Continue reading

BREAKING: Cassie Sharpe adds world championship to Olympic gold

Sharpe defends her crown in France, wins overall halfpipe title

BREAKING: Cassie Sharpe adds world championship to Olympic gold

Sharpe defends her crown in France, wins overall halfpipe title

Vancouver Island’s Best Videos of the Week

A look at some of the best video stories from the past week ending March 23, 2018

Canucks sing the Blues as they fall to St. Louis 4-1

Berglund nets two, including the game-winner, to lift St. Louis over Vancouver

Calving season brings hope for Cariboo ranchers

Still a lot of work ahead to recover from the wildfires

Canada’s Kaetlyn Osmond wins figure skating world title

The 22-year-old fwon the women’s singles crown with her Black Swan routine

Vancouver Island pooches celebrate National Puppy Day

Check out some of the submissions we received from around the region

Alberta tells B.C. to stop opposing pipelines if it doesn’t like gas prices

John Horgan said he would like to see the federal government step in to deal with high gas prices.

B.C. mother hit in truck rampage dies

Family confirms mother of four Kelly Sandoval dies almost two months after being hit.

PHOTOS: Students exhibit stunning paper couture dresses

22 paper made gowns will be on display at Vancouver’s Oakridge Centre until March 27

BCHL Today: Prince George avoids elimination with game five win

BCHL Today is a (near) daily look at what’s going on around the league and the junior A world.

Most Read