Shanghai Starcastle Senior Living Services Ltd. is a newly created joint venture company formed to develop and operate senior living communities in China. The joint venture company is owned by Fosun Group and Fortress Investment Group. Starcastle received approval from the Shanghai government at the end of July to operate its first senior living community in China, called Xing Bao Zhonghuan. This first project is located in the Baoshan district of Shanghai and is targeted to be open by the end of the year. The community is approximately 13 km from People's Square and 19 km from Hongqiao Airport. Xing Bao Zhonghuan will be a comprehensive senior living community offering a wide range of housing and service options. It will consist of a mix of independent living units ranging from studios to large two bedrooms. The project will also offer a range of assisted living units that target those with specific needs from dementia to short term rehabilitation services. In addition to residential units, the community will offer variety of public spaces available for use by residents. These include a full service restaurant, a caf, a senior friendly fitness center, mahjong rooms, arts studios, classrooms, library, a tea house, computer room, spa, and hair salon. A monthly fee will cover basic services for residents including restaurant style dining, in-unit housekeeping, regularly scheduled shuttles to local shopping districts and a wide range of activities. Residents will have the choice to purchase additional services such as private transportation, enhanced housekeeping, and additional in-home personal care services as desired. Healthcare will serve as a cornerstone of the service offerings to residents. It will include an onsite clinic to provide primary care, onsite facilities to host specialists, access to tier 3 hospitals, strategic relationships with local hospitals to ensure timely and quality service in the event of emergencies, assistance with and coordination of prescriptions, home healthcare service and rehabilitation services.

Shanghai Fosun High Technology (Group) Co., Ltd. intends to pursue acquisitions. The company plans to continue to seek acquisition opportunities in European firms with cheap valuations but strong growth potential and viable business plans in China, Chief Executive Officer Liang Xinjun told Dow Jones Newswires in a recent interview. "Some companies that have done well in Europe and America are seeing their profits under pressure. These companies have much potential in China where domestic consumption is growing," he said. "We've already invested in hotel and fashion, so this year it will be financial services."

Shanghai Fosun High Technology (Group) Co., Ltd. Presents at AVCJ Private Equity & Venture Forum - China 2012, May-31-2012 09:00 AM. Venue: Park Hyatt, 2 Jianguomenwai Street, Chaoyang District, Beijing 10002, China. Speakers: Xinjun Liang, Executive Director, Vice Chairman & CEO.