Taikang Life to invest in retirement homes

Taikang Life Insurance Co Ltd plans to invest 70 billion yuan ($11.35 billion) in a retirement community chain, according to the 21 Century Business Herald.

The investment accounts for about 15 percent of the company's total assets.

Taikang's first retirement community was established on June 16 in Changping District in the northwest of Beijing, covering an area of 300,000 square meters with a capacity to accommodate 3,000 inhabitants. The community is scheduled to open to the public in 2015. The company envisions a total of 15 communities across northeastern, central and southwestern China.