First Sino-US joint nursing-home opens in Beijing

China is encouraging more foreign enterprises to invest in its senior care sector.

On Wednesday, a privately run nursing home for the elderly opened in Beijing, jointly run by Chinese and US backers. It's the first joint venture of its kind in the capital.

Big business offering private care for the elderly.

The message from China is clear: investment from abroad is welcome.

With China's over 60 population set to hit 221 million in two years, the government is hoping to find 2.7 million more beds in two years. This huge number presents a huge market opportunity for private enterprise and investors.

As a new project involving foreign investment, the L'Amore-Kaijian nursing home opened in southeastern Beijing on Wednesday.

It's a joint venture between a Chinese and an American company.

Living here doesn't come cheap. Residential fees run from 15,000 to 25,000 yuan per month.

But the people behind the project are hoping this kind of care home will take off in China.

Still, developers are optimistic.

These homes are targeted at senior citizens seeking a higher-quality life in old age as well as middle-income families who understand the concept of service they're trying to provide.