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30 percent nursing homes running deficits

Xinhua, July 16, 2015 Adjust font size:

A report based on survey of 257 elderly people's nursing homes in China revealed on Thursday that more than 32 percent of such facilities are running at a loss.

The report by the China research center on aging, said that among the nursing homes surveyed, about 48 percent are basically making ends meet, 32 percent are in deficit and no more than 20 percent are making a profit.

The survey was conducted at nursing homes in 12 cities including Chongqing, Fuzhou, Tianjin and Wuhan.

According to the survey, big investments, long payback cycles, low returns and high risks are common problems facing such nursing homes. More than 40 percent of them said their investment may only be recouped in 10 years or longer.

Also, the report said low pensions for retirees make such services unaffordable for many. A bed at the nursing facilities surveyed, none of which are in Beijing or Shanghai, costs more than 2,100 yuan (338 U.S. dollars) a month, higher than the average monthly pension for most retirees.

The report noted that a large number of nursing homes are either substandard or too expensive, and called for a more balanced spectrum to serve the middle-income group. Endi