Cascade Healthcare, a joint venture between Columbia Pacific Advisors and Emeritus, has received approval to open the first foreign-owned, for-profit senior care facility in Shanghai, China.
Construction of the 100-bed facility will begin in October 2011, and it is scheduled to open in May 2012.
Emeritus chairman Dan Baty said Cascade Healthcare has been authorised to develop a prototype care facility in Shanghai in an existing building that the company is leasing.
Seattle-based Cascade intends to spend nearly $5m to remodel the building and create a senior care facility similar to one Emeritus operates in the US, Baty added.
Costs for seniors will be similar to those in the US, based on the level of care needed, and payment will primarily come from family members rather than government programmes or insurance.
Columbia Pacific is set to play a crucial role in developing senior care facilities in China in the years ahead.