Singapore Companies Expand Business in Tianjin, Focusing on Silver Economy

Some Singapore companies are expanding their business in Tianjin, China, targeting opportunities in areas such as the growing silver economy with eldercare and medical facilities. A $1 billion integrated development in the city, by Singapore property developer Perennial Holdings, officially opened four new hotels on Sept 25. The hotels, ranging from three- to five-star, will not only serve travellers but also support the growth of medical tourism at the development’s healthcare facilities.

Called Perennial International Healthcare and Business City Tianjin, the 3.5 million sq ft project has three hospitals offering over 1,000 beds in total and three eldercare facilities including an eldercare home. It is located next to Tianjin South high-speed railway station to cater to people from Beijing, Tianjin and Hebei in northern China. It is billed as one of the first developments in China to tap major transit nodes such as high-speed railway stations to provide integrated eldercare, medical care and hospitality. On Sept 25, National Development Minister Desmond Lee, who is visiting Beijing and Tianjin from Sept 24 to 28, officiated at the launch of Perennial’s project. He is in China for bilateral meetings and to co-chair the Singapore-Tianjin Economic and Trade Council meeting along with Tianjin Mayor Zhang Gong. Mr Lee is accompanied by Senior Minister of State for Foreign Affairs and National Development Sim Ann and a business delegation of more than 50 representatives from Singapore firms and organisations. At the launch, Mr Lee said Perennial’s development underlines the interest of Singapore companies in Tianjin, calling it a “good example of how both sides can jointly unlock new business opportunities from addressing global challenges like ageing and global warming”

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