Two private retirement homes in the Comox Valley are reassuring their tenants and staff that the Chinese government鈥檚 recent takeover of a large insurance conglomerate will not impact their day-to-day operations.
The Chinese Insurance Regulatory Commission seized the Anbang Insurance Group on Feb. 23. The insurance regulator cited fraud charges against Anbang鈥檚 former chairman Wu Xiaohui and risk of insolvency as reasons for the government鈥檚 takeover.
Anbang is a Beijing-based equity and insurance firm that owns billions of dollars worth of properties and assets around the world, including Canada.
Now, the biggest retirement and senior housing chain in B.C. 鈥� which has been underneath Anbang鈥檚 ownership for just over a year 鈥� is trying to reassure its stakeholders that the takeover will not affect its autonomy.
Anbang acquired last year for roughly $1 billion.
Retirement Concepts owns 21 private retirement homes in B.C., including two in the Comox Valley: the Casa Loma Retirement Village and the Comox Valley Seniors Village.
Following last week鈥檚 seizure of Anbang, the labour union that represents Retirement Concepts employees expressed concerns that the acquisition could affect the chain鈥檚 retirement communities in B.C.
The BC Government and Service Employees Union Local 0402 (BCGEU) represents more than 850 workers at nine Retirement Concepts sites.
The union is among the groups that criticized the federal Canadian government for allowing the sale of Retirement Concepts to Anbang.
BCGEU president Stephanie Smith said the union will be 鈥渒eeping a close eye on the situation鈥� as it unfolds.
鈥淲e will continue working in the best interests of our members and for the vulnerable clients they serve,鈥� she said in a statement, acquired by Black Press.
鈥淲e want to ensure that both our members鈥� jobs and services to seniors are protected.鈥�
In response to the takeover of Anbang, Retirement Concepts issued a statement to reassure tenants, staff, and union representatives that the changes will not impact its day-to-day operations or staffing levels.
鈥淎s announced by the Chinese Insurance Regulatory Commission, an Interim Management Working Group will temporarily oversee management of Anbang for a one-year period,鈥� reads the statement.
鈥淭his temporary change in management at Anbang will not impact the operations of Retirement Concepts, its staff or residents.鈥�
The statement goes on to say that Anbang will remain a private, independent company under the Chinese government鈥檚 control and that 鈥渋ts business and operations are stable.鈥�
鈥淩etirement Concepts communities are provincially regulated and we are required to report out monthly to ensure we meet the highest standards for residents, and this will not change.鈥�
Senior living communities in B.C. under the Retirement Concepts umbrella include:
Vancouver Island:
