Hong Kong to be short of 60,000 aged care homes by 2032: report

Hong Kong needs to ramp up quality specialized homes for the elderly as its population is aging and getting wealthier fast.

Hong Kong will likely be short of 60,000 suitable elderly places by 2032 if the government and the private sector will not ramp up specialized housing projects to accommodate its growing senior population, according to a market report by property consultancy firm JLL.

The city is projected to have the oldest senior population in the world by 2050 with a population over the age of 65 surging by 46.3% in the next decade. This outstrips the supply of elderly homes which is expected to grow by a mere 0.24% according to its estimates.

“With our elderly population forecast to grow by half a million over the next decade, it is critical to have enough suitable accommodation in the city,” Wendy Chan, a growth director at JLL Greater China, said in a news release.

JLL said Hong Kong can invest in senior living complexes that offer high-quality assisted-living solutions for the healthier and more affluent senior population. 

This will add to their existing options which are currently limited to either having them stay with their families or moving to residential care homes with basic facilities.

“The government should consider dedicating land specifically for elderly home use, encourage public-private partnerships to unlock this sector and offer incentives to speed up development,” said Chan.

Amenities in this new kind of residence may include on-site nursing, medical and entertainment services for quality and convenient lifestyle for the retirees.

This opens opportunities for private investors in search for alternative investments in the residential sector with a higher return.

JLL said developers can either develop the facilities from the ground up or convert older residential buildings and hotels, though both entail high costs since land and properties are expensive in the city.