“保险系”养老社区部分项目入住率超80%实现盈利

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 from availability to profitability [2] - 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 [2] Industry Overview - 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 residents, resulting in an overall occupancy rate of 45.4% [2] - Some leading insurance companies have reported occupancy rates exceeding 80% in their elderly care community projects, indicating a trend towards profitability [2] Company Developments - 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 [3] - The project in Beijing's Chaoyang District has reached a remarkable occupancy rate of 95%, leading to profitability in 2023 [3] - Similarly, projects by Taikang Insurance in Shanghai have also achieved profitability ahead of schedule due to rising occupancy rates [3] - China Pacific Insurance's high-quality elderly care community, Taibao Garden, has seen occupancy rates exceeding 90% in its Nanjing and Shanghai locations [3] Investment Strategies - Insurance companies are focusing on investment opportunities with verifiable profitability data and scalable expansion models, while also exploring REITs as an exit strategy to create a closed loop of "investment-operation-exit" [4] - The first batch of insurance REITs for elderly care facilities is still in the pilot preparation stage, with expectations for normalization of issuance by July 2024 [4] - The silver economy is projected to reach a scale of 20 trillion yuan within five to ten years, prompting a shift from land acquisition to refined operations in the industry [4]