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
Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Interior Health reports three additional COVID-19 cases in region

The number of cases in the region since the beginning of the pandemic are now at 492

Trail Kiwanians wrap up $10,000 hospital donation

The new KBRH emergency department opened its doors a few weeks ago

LeRoi Foundation donates to hospital in Trail

$5,000 comes to KBRH via Community Foundations Canada and ECSF

Trail market goes garlic

The event goes Saturday in downtown Trail from 10 a.m. to 2 p.m.

Kootenay teachers’ union going to labour relations board over COVID-19 related work conditions

Union issues open letter to premier, education minister, health minister and Dr. Bonnie Henry.

3 new deaths due to COVID-19 in B.C., 139 new cases

B.C. confirms 40 ‘historic cases,’ as well

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

Emaciated grizzly found dead on central B.C. coast as low salmon count sparks concern

Grizzly was found on Gwa’sala-‘Nakwaxda’xw territory in Smith Inlet, 60K north of Port Hardy

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Young Canadians have curtailed vaping during pandemic, survey finds

The survey funded by Heart & Stroke also found the decrease in vaping frequency is most notable in British Columbia and Ontario

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

B.C. teachers file Labour Relations Board application over COVID-19 classroom concerns

The application comes as B.C.’s second week of the new school year comes to a close

CHARTS: Beyond Metro Vancouver, COVID-19 cases in B.C. haven’t increased much recently

COVID-19 case counts outside of Metro Vancouver have been level since July

70-year-old punched in the head in dispute over disability parking space in Nanaimo

Senior’s turban knocked off in incident at mall parking lot

Most Read