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

Early morning fire at Langley City factory

Two-alarm fire at CKF Products

Incident at Langley gas station sends one to hospital

What appeared to be an exacto knife seen at scene

Spartans take silver at U SPORTS games

TWU women’s soccer team edged by Gee-Gees Sunday in Ottawa

Dog’s death on busy road raises fears

A hit and run by a large truck has a community concerned.

LETTER: Canada should not be selling weapons abroad

A Langley man is critical of Canada for selling arms that are being used to kill civilians.

VIDEO: Marvel Comics’ Stan Lee dies

Marvel co-creator was well-known for making cameo appearances in superhero movies

Most fatal overdose victims did not have recent police contact: Stats Canada

11 per cent of those who fatally overdosed in B.C. had four or more contacts with the police

5 to start your day

One left dead after Abbotsford shooting, touching note left on Langley veteran’s windshield and more

Calgarians head to the polls to declare ‘yea’ or ‘nay’ on Winter Games

The question “are you for or are you against hosting the 2026 Olympic and Paralympic Winter Games?” was to be posed to them Tuesday in a plebiscite to help determine whether the city should move ahead with a bid.

Heir’s big birthday: 70 candles lined up for Prince Charles

Prince Charles turns 70 Wednesday, Nov. 14, 2018, still serving in the heir to the throne role he has filled since he was a young child.

Trudeau lays down challenge to companies in bid to boost trade with Asia

“Building the relationships, building the connections, building the facility and also changing mindsets — getting Canadian companies to see the opportunities we have around the world to partner and invest.”

CNN sues Trump, demanding return of Acosta to White House

CNN is asking for an immediate restraining order to return Acosta to the White House.

Amazon to split second HQ between New York, Virginia

Official decision expected later Tuesday to end competition between North American cities to win bid and its promise of 50,000 jobs

US trial to tell epic tale of Mexican drug lord “El Chapo”

Guzman’s long-awaited U.S. trial begins Tuesday in New York

Most Read