Stanford Place in Parksville part of deal to sell retirement homes to firm liked with China

The Gardens at Qualicum Beach is not part of the new 'partnership'

A Chinese insurance company is trying to buy the company that owns two high-profile retirement homes in Parksville Qualicum Beach.

Retirement Concepts president and CEO Azim Jamal confirmed Monday the company is entering what he called a “partnership” with a company named Cedar Tree, which is linked to Anbang Insurance Group of China. Retirement Concepts owns 24 retirement facilities, mostly in B.C., including Stanford Place in Parksville and The Gardens at Qualicum Beach.

Jamal said The Gardens at Qualicum Beach is not part of this new partnership. Stanford Place in Parksville has 234 residents.

“I would like to say that we are pleased to be entering into a partnership with Cedar Tree,” Jamal told The NEWS through an email on Monday. “We believe it is in the best long-term interests of our residents and our business.”

Jamal said it will be “business as usual” at Stanford Place.

“We are also pleased that under the partnership agreement Retirement Concepts will continue to manage and operate the properties and there will be no change to the staff or senior leadership team at either the community or corporate level,” he said.

“What we like about this relationship is that our corporate team will remain intact to provide continuity to our residents and our business.”

“We are also very pleased that the operations will remain headquartered in B.C.”

The Globe and Mail reported Monday the deal is currently under the scrutiny of the federal government’s Investment Review Division.

The Globe also reported that Retirement Concepts is the highest-billing provider of assisted living and residential care services in the province. The Globe said B.C. government paid the company $86.5-million in the 2015-16 fiscal year, more than any other of the 130 similar providers.

Jamal also told The NEWS there will be no changes to the operations at Stanford Place.

“Retirement Concepts will continue to own a stake and manage the operations of your seniors’ community, such that there will be no change to the quality of care provided to our residents or to our policies, procedures and other operating standards,” he said. “There will also be no change to our staff and leadership team, both at the community and corporate level, other than in the normal course of business.”

Just Posted

Experiment from Ballenas students heads to International Space Station

Entries from 23 countries; Ballenas is one of 11 schools chosen in Canada

Public hearing set for affordable housing development in Parksville

Council passes two bylaws, eyes 130 Shelly Rd. as affordable housing units for families

No injuries reported in five-vehicle pileup in Nanoose Bay

Traffic slowed briefly on Monday afternoon

Christmas program creating tradition for PQB single mother and daughter

‘It just makes all the difference for your child to smile and laugh on Christmas morning’

PQB crime report: Thieves pilfer cash, root beer and hand sanitizer

Oceanside RCMP receive 249 complaints in one-week period

VIDEO: Octopus, bald eagle battle after bird ‘bites off more than it can chew’ in B.C. waters

B.C. crew films fight between the two feisty animals in Quatsino off north Vancouver Island

Process to identify those killed in Gabriola plane crash could take days

Canadian flight museum suggests Alex Bahlsen of Mill Bay died in Tuesday’s crash

Raptors fans show Kawhi the love in his return to Toronto

Leonard receives championship ring, leads new club to win

UPDATED: No survivors in Gabriola Island plane crash: RCMP

Coroner confirms multiple fatalities after small plane goes down Tuesday night near Nanaimo

One man dead after car crash in Nanaimo

One person died, another was injured in the accident which happened Wednesday on Nanaimo Lakes Road

‘Honest mistake:’ RCMP says B.C. cannabis shop can keep image of infamous Mountie

Sam Steele wearing military, not RCMP uniform in image depicted in Jimmy’s Cannabis window

B.C. conservation officers put down fawn blinded by pellet gun on Vancouver Island

Young deer found near construction site in Hammond Bay area in Nanaimo, B.C.

Laid-off forest workers converge on B.C. legislature

Loggers call for action on strike, provincial stumpage

B.C. guide fined $2K in first conviction under new federal whale protection laws

Scott Babcock found guilty of approaching a North Pacific humpback whale at less than 100 metres

Most Read