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

BC Hydro to offer sale of Kings Road land to Saanich

Preserving land as park ‘a no-brainer,’ says neighbour

Victoria UnWined helps grant wishes for children facing critical illness

UnWined Vancouver Island raises money for Make-A-Wish BC & Yukon

Victoria teen with mobility issues stranded by stolen tricycle

The tricycle is described as customized light blue, three-wheeled tricycle with “white wall” tires

Saanich plants 60 trees to mark 60 years

Saanich Parks celebrates alongside National Tree Day, Sept. 26

Victoria’s Cool Aid Society unveils mural in celebration of 50th anniversary

The mural was created by Victoria’s artist-in-residence, Luke Ramsey

VIDEO: Tour de Rock rider says event provides badly needed support

Cancer survivor and volunteer firefighter Nicole Emery speaks about importance of fundraising tour

Rattie scores 3 as Oilers blank Canucks 6-0

Vancouver slips to 1-5 in exhibition play

Veterans Affairs ordered to take second look before supporting vets’ relatives

Liberal government ordered officials to adopt a more critical eye

Dead B.C. motorcyclist was member of group that raced down mountain road

Some group members record their rides on Strathcona Parkway and post times to page

Indigenous athletes in spotlight at BC Sports Hall of Fame

New gallery to feature Carey Price, Kaila Mussel and Richard Peter

B.C. couple who went missing on flight from Edmonton named by family

Family released a statement Wednesday saying they’re still intent on finding the two-seater plane

VIDEO: A close look at what you were breathing during the B.C. wildfire season

Electron microscope images show soot and tar particles generated by worst B.C. fire season

Island man calls 911 after being robbed of his drugs

Nineteen-year-old and 15-year-old suspects face multiple charges following robbery Monday in Nanaimo

B.C. could provide clues as to how New Brunswick electoral results shake out

Premier Christy Clark faced a strikingly similar scenario following the province’s 2017 election

Most Read