TimeShare Holdings Announces JV Agreement for $230M Senior Living Center in China
February 25 2011 - 9:40AM
Marketwired
TimeShare Holdings, Inc. (OTCQB: TMSH) (PINKSHEETS: TMSH) ('TMSH';
'The Company') is pleased to announce that TMSH and Western
International External Corporation Ltd. (WIEC) have entered into a
Joint Venture agreement with the Shandong Taishan Real Estate Co.,
Ltd. to finance, construct and secure the long-term management and
operation of the Panlongshanshui Senior Healthy Living Center in
Jinan City, Shandong Province, China (direct translation:
"Panlongshanshui Old Person Health Living Center"). The project
requires financing in the amount of $230 million dollars US for
three phases. TMSH and WIEC are working with a well established
financial institution to fund the three phases of the development.
The Senior Healthy Living Center, to be located in Caishi Town
in the Licheng District of Shandong, will be a 270,000 square meter
(66 acre) pastoral complex comprised of high-end, senior-friendly
apartments accommodating up to 5,000 people. Clustered with the
senior housing will be an array of auxiliary facilities ensuring
joyful and convenient living, including a restaurant, hotel,
supermarket, senior art college and recreation/tourism center, a
hospital/medical center specializing in geriatrics, family suites,
a kindergarten center to assist with grandchildren and a home
care/domestic services center.
Senior services, including the medical facilities and services,
will serve a wide range of senior needs from "young seniors" living
independently or with their adult children, to those requiring
assisted care, or those requiring 24-hour or terminal care.
Healthcare standards will be established by the National Nursing
Program endorsed by the Ministry of Civil Affairs.
The most recent projects completed by Shandong
Taishan Real Estate Co., Ltd. include:
1. Panlongshanshui Ecologic Residential Community: 200 villas
for the elderly; 80,000 square meters.
2. Qinglong Garden Residential Community: 40,000 square meters,
completely sold and operational.
3. Taishan Office Building: 28 floors, 45,000 square meters; 90%
occupancy.
Like other countries, China's aging population is rising rapidly
and the Chinese government is mobilizing to immediately bolster
growth in the senior services industry. Current providers are
unable to meet the quality, quantity and range of needs for even
today's population. China's senior population today stands at 11%
of the total population and is expected to rise to 17% by the year
2020 and over 30% by the year 2050. In Jinan City today, the senior
population already exceeds 15%. And the nursing home bed shortage
alone leaves a gap of more than 40,000 elderly people without
elderly care facilities. Because of the current unmet demands of
this population, the occupancy level of the Senior Healthy Living
Center is expected to be high.
"We are delighted that our first venture in China is working
with the Taishan Real Estate Company on such a noble project. The
needs for the senior population are serious and immediate and we
are proud of the vision that they and others have to create such a
beautiful and functional complex," says Paul Thompson, Vice
President of Investor Relations for TimeShare Holdings.
Safe Harbor Statement This news release
contains "forward-looking statements" as that term is defined in
Section 21E of the Securities Exchange Act of 1934. Statements in
this press release which are not purely historical are
forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to differ materially from the
anticipated results, performance or achievements expressed or
implied by such forward-looking statements. Forward-looking
statements in this release include statements regarding the
Company's projections regarding Biogas, PV Solar Energy, Wind
Energy other alternative energy explorations in future periods.
Factors that could cause actual results to differ materially from
anticipated results include risks and uncertainties such as: risks
relating to PV Solar Energy, Wind Energy other alternative energy
development risks; the risk of commodity price fluctuations;
political and regulatory risks; risks of obtaining required
operating permits and other risks such as weather conditions
uncertainties. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
General Inquiries: John V. Evans Board of Directors
Member, Administrative Partner & Senior Consultant Email:
panzer@delfi.lv Paul Thompson Vice President, Investor Relations
TimeShare Holdings, Inc. - USA investorrelations@tmshglobal.com On
the web at: www.tmshglobal.com
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