“保险系”养老社区部分项目入住率超80%实现盈利

Core Viewpoint - The article highlights the contrasting situation in the elderly care industry, where the national occupancy rate of nursing homes is only 45%, while high-quality projects in urban centers face a shortage of beds, shifting the focus from availability to profitability [3][6]. 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. The total number of residents in these institutions is 2.307 million, resulting in an overall occupancy rate of 45.4% [3][6]. - The consensus in the industry is that an occupancy rate above 60% is necessary for breakeven, with some insurance companies reporting occupancy rates exceeding 80% in their projects [3][5]. Company Strategies - Major insurance companies like Dajia Insurance, Taikang Insurance Group, and China Pacific Insurance are actively investing in elderly care communities, with some projects achieving profitability due to high occupancy rates [3][5]. - Dajia Insurance's urban community in Shanghai has an occupancy rate exceeding 80%, while projects in Beijing's Chaoyang District have reached 95% occupancy, leading to profitability in 2023 [4][5]. - The investment strategy involves a mix of "heavy asset" and "light asset" models, focusing on location advantages and service quality to enhance occupancy rates and secure financing [5][6]. Future Outlook - The first batch of insurance REITs for elderly care is still in the pilot preparation stage, with expectations for the silver economy to reach a scale of 20 trillion yuan in the next five to ten years [6]. - The industry is anticipated to shift from rapid expansion to refined operations, with a focus on verifiable profit models and structural challenges, leading to a potential reshuffling of market players [6].