An increasing number of elderly people are moving outside Hong Kong - one of the world's most expensive cities - to mainland China for cheaper and better retirement options. clarejim reports
HONG KONG - After spending time with his 84-year-old mother in a senior care home in the southern Chinese city of Shenzhen, David Lee walked up to the supervisor and asked to reserve a place there for his own retirement.
“My mother had been queuing for two years for a space in a senior care home in Hong Kong, and she only waited two months before getting a space here,” Lee said. The senior care market in China is estimated to grow to 7.7 trillion yuan by 2020 and to 20 trillion by 2030, from 5 trillion yuan in 2016. That has led to a flood of investors from Hong Kong and overseas.
According to an official Hong Kong survey, 77,000 people from Hong Kong 65 and older lived in Guangdong in 2016. To encourage more seniors to retire in mainland China, the Hong Kong government grants social security assistance to underprivileged elderly in Guangdong and Fujian provinces.
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