“保险系”养老社区部分项目入住率超80%实现盈利 区位优势成关键

Core Insights - The elderly care industry in China is experiencing a dichotomy, with a national occupancy rate of only 45% while premium projects in urban centers face high demand, indicating a shift in focus from availability to profitability [1] - The consensus in the industry is that an occupancy rate above 60% is necessary for breakeven, as financial institutions are increasingly scrutinizing occupancy and profitability before providing funding [1] Group 1: Industry Statistics - As of the end of 2024, there are 40,000 registered elderly care institutions in China, with a total of 5.077 million beds, of which 65.7% are nursing beds, and 2.307 million people are residing in these facilities, resulting in an overall occupancy rate of 45.4% [1] - Some leading insurance companies have reported occupancy rates exceeding 80% in certain elderly care community projects, indicating a trend towards profitability [1] Group 2: Company Performance - Dajia Insurance's first urban elderly care community in Shanghai has achieved over 80% bed reservation rate since its opening in late September, with an average occupancy rate of 80% across its 16 urban communities nationwide [2] - The project in Beijing's Chaoyang District has reached a remarkable occupancy rate of 95%, leading to profitability in 2023 [2] - Similarly, projects by Taikang Insurance in Shanghai have also achieved profitability ahead of expectations due to rising occupancy rates [2] Group 3: Investment Strategies - Insurance companies are adopting a mixed strategy of "heavy and light assets" to secure scarce urban land along subway lines, focusing on location to drive traffic and financing [2] - Future investments will prioritize projects with verifiable profitability data and scalable expansion models, while exploring REITs as exit channels to create a closed loop of "investment-operation-exit" [2] Group 4: REITs Development - The first batch of insurance-funded elderly care REITs is still in the pilot preparation stage, with expectations for normalization of issuance by July 2024, including elderly care facilities in the infrastructure REITs category [3] - The industry is expected to transition from rapid expansion to refined operations, with a projected silver economy scale reaching 20 trillion yuan in five to ten years [3]