Taikang Life to bank on seniors

With 169 million Chinese estimated to be over the age of 60, the country's fourth-largest life insurer plans to invest 5 billion yuan in a retirement community for seniors in Beijing.

"We've got a 300 hectare site reserved in Changping district for the construction of this community," Taikang Life Insurance Co President Chen Dongsheng told China Daily. "Once the industry regulator releases investment details, we can get started on the project."

New revisions to the nation's insurance law, which went into effect on Oct 1 last year, allow insurance companies to invest in the property sector.