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Monday, 16 April 2018, 21:35 HKT/SGT

Source: Pine Care Group Limited
Zhejiang Pine Care Yada Entered into an Entrusted Management Agreement with Zhejiang Yada Real Estate
Strategically Expanding its Business Coverage in the PRC

HONG KONG, Apr 16, 2018 - (ACN Newswire) - A leading operator of care and attention homes for the elderly in Hong Kong, Pine Care Group Limited ("Pine Care Group" or the "Company", together with its subsidiaries, the "Group", stock code: 1989.HK), is pleased to announce that Zhejiang Pine Care Yada Elderly Services Limited ("Zhejiang Pine Care Yada"), a subsidiary of the Company, has entered into the entrusted management agreement with Zhejiang Yada Real Estate Co., Ltd ("Zhejiang Yada Real Estate"). Zhejiang Pine Care Yada is entrusted with the operations and management of the Wuzhen Graceland Day Care Centre in Wuzhen, Zhejiang Province, which will be changed to Pine Care Yada (Wuzhen) Day Care Centre.

Apart from the existing services provided in the day care centre, new projects and services will also be introduced, including customised dietary menus designed by nutritionists to cater for the elderly with special dietary needs due to specific health conditions, bed sore care, one-on-one training targeting on elderly with dementia, group training for elderly with dementia; and home care services. The total floor area of Pine Care Yada (Wuzhen) Day Care Centre is approximately 2,800 square feet with an entrusted management term commencing from 16 April 2018 and up to 31 December 2027.

Pine Care Yada (Wuzhen) Day Care Centre will enable the Group to expand its elderly care services to active retirees and those requiring only day-time elderly care, as well as home care services in Wuzhen Graceland district, a community which consists of over 5,000 households, leveraging on the Group's established brand and experience in providing residential care services for the elderly.

Mr. Yim Billy Pui Kei, CEO of Pine Care Group said, "The PRC elderly care services market is believed to hold vast potentials. The Group not only intends to expand its footprint in the PRC, but also the range of services offered. With years of experience in serving the elderly, the Group already has a time-tested business model. Pine Care Yada (Wuzhen) Day Care Centre represents another milestone of the Group in the PRC, following the establishment of the residential care home for the elderly in Zhejiang Yada International Rehabilitation Hospital, Wuzhen Town, Tongxiang City, Zhejiang Province, the PRC. Pine Care Yada (Wuzhen) Day Care Centre also strengthens the Group's operational capability and lay a solid foundation for further expansion in the PRC down the road."

About Pine Care Group Limited
Pine Care Group is the leading operator of care and attention homes for the elderly in Hong Kong, providing comprehensive residential care services. The Group owns a network of care and attention homes across five districts in Hong Kong under the brand name of "Pine Care Group". The Group was listed on the Main Board of The Hong Kong Stock Exchange in February 2017, with stock code 1989.

Topic: Press release summary
Sectors: Daily Finance, HealthCare
From the Asia Corporate News Network

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