The agreement’s sum amounts to $39.6m.
The real estate firm plans to break new ground on an eldercare and retirement home business in China as it enters into a memorandum of understanding with Shanghai Summit and Shanghai Renshoutang to Establish a 40-40-20 joint venture.
According to a press release by Perennial, the JV entails operating a premium eldercare and retirement home at Chengdu East HSR Integrated Development Plot D2.
The press release said the agreement is in line with Perennial’s extension of its real estate business into healthcare.
“Chengdu Plot D2 will be repositioned from a mixed-use residential and retail development to a holistic eldercare and retirement home development with complementary eldercare trades and services,” the release said.
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