Report: Senior-living investment needed

The graying of China's population is heating up the senior-living market, but many projects are targeting the rich rather than the middle class, according to a new report.

Wang Shenyuan, director of the China Research Center on Aging, which released the report on Wednesday along with Tsinghua University's School of Architecture, said the "gray" population will rise to 371 million by 2030 and to 483 million by the middle of the century.

At that time, one out of three Chinese will be over the age of 60, he said, and the country needs to be ready with living facilities that can accommodate them.