The Andrews Labor Government today announced a landmark agreement that will see Melbourne’s Independent Management Group (IMG) partner with Chinese property developer Yingsha Industrial Group on a major new seniors living development in north east China.
Minister for Trade Philip Dalidakis announced the agreement at the Australia-China International Aged Care Summit in Beijing, where the Labor Government is promoting Victoria’s world class expertise in health and aged care services.
IMG, a Mount Waverley-based company recognised for its expertise in the management of retirement villages, has signed a memorandum of understanding for Yingsha Industrial Group to operate a major new seniors living precinct in the city of Harbin featuring 9,000 seniors living units, 1,000 aged care beds and a training institute for carers.
The site will also contain a rehabilitation hospital and retail and commercial precincts, with construction to begin early in 2016.
Mr Dalidakis said the IMG deal was an example of the exciting opportunities for Victorian businesses in China in areas like skills and training, research and development, medical technology and pharmaceuticals.
As the undisputed leader for medical research in Australia, Victoria is perfectly placed to boost health exports. Victoria receives more than 40 per cent of national government medical research funding each year, is home to 150 biotech companies, 10 major medical research institutes, 10 teaching hospitals and nine universities.
Health is an important sector for the economy, with annual exports from the Victorian health care, aged care and life sciences sector amounting to about $2.5 billion.
The Labor Government is working hard to help Victorian companies in the health care sector to grow and create more local jobs, targeting support for the medical technology and pharmaceuticals sector through the $200 million Future Industries Fund.
Quotes attributable to Minister for Small Business, Innovation and Trade, Philip Dalidakis
“This agreement is a great example of the fantastic work our Victorian government business offices do in China to help local companies expand and tap into growing markets.”
“With our cutting edge research, innovative medical technology and world class training universities and hospitals, Victoria is a recognised health leader, not just in Australia but around the globe.”
“We are committed to supporting Victorian companies in the medical technologies and pharmaceuticals sector. This is a key growth area for us with a lot of potential to create high-skill jobs and boost the economy.”
Quotes attributable to IMG Managing Director, Susan Malone
“The Independent Management Group is proud to be a market leader in Chinese/Australian seniors living. This project is a wonderful example of collaboration which will create a Chinese Seniors Living product that takes advantage of years of Australian experience and expertise - the merging of the best of the East and the West.”
Reviewed 10 February 2021