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Patina Wellness Entered into a Tenancy Agreement with Everhost.

Facilitating the Long Term Development of "Integrated Senior Wellness Hub"

HONG KONG, Apr 13, 2018 - (ACN Newswire) - A leading operator of care and attention homes for the elderly in Hong Kong, Pine Care Group Limited ("Pine Care Group" or the "Company", together with its subsidiaries, the "Group", stock code: 1989.HK), is pleased to announce that Patina Wellness Limited ("Patina Wellness"), a joint venture of the Group with Utopia Limited, has entered into a tenancy agreement with Everhost Limited ("Everhost") to lease a premises situated at 18 Junction Road, Kowloon City for setting up and operating residential care home for the elderly, clinic, service apartments, club house, and restaurant, for the long term development of "Integrated Senior Wellness Hub" of the Group.

According to the tenancy agreement, Everhost will lease the building named "Patina" and situated at 18 Junction Road, Kowloon City to Patina Wellness for a fixed term of 10 years commencing from 1 April 2018 and up to 31 March 2028. The premises are of a total floor area of approximately 84,000 square feet.

Having total floor area of over 80,000 square feet, the sizeable premises enable Patina Wellness to establish and operate an upscale community for the elderly, which is expected to comprise of an upscale residential care home for the elderly for residents requiring a moderate to high level of care, a multidisciplinary clinic, service apartments and clubhouse for active retirees, and a health focused restaurant.

The long duration of the tenancy agreement of "Patina" will provide the Group with sufficient time to recuperate its initial investments and maintain stability of the business of "Integrated Senior Wellness Hub" and at the same time facilitate the Group to formulate its strategy in relation to the "Integrated Senior Wellness Hub" over a long term planning horizon.

Mr. Yim Billy Pui Kei, CEO of Pine Care Group said, "We are always committed to provide quality services for the elderly. The tenancy of Patina facilitates us to develop the "Integrated Senior Wellness Hub" and to expand our business coverage to active seniors who require a lower level of care compared to traditional RCHE residents, while at the same time, widen the breadth of our service offerings for this emerging market segment. In the future, we will continue to improve the quality of elderly services and serve various needs of the elderly, and dedicate to the betterment of elderly."

Source: Pine Care Group Limited

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Publication:ACN Newswire
Date:Apr 13, 2018
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