RCIF and Vcanland launch tourism and senior living fund
The Russia-China Investment Fund (RCIF) has joined forces with Vcanland , a developer of tourism infrastructure and senior living communities in China. Together, they will launch a joint investment fund targeting $800 million (RMB 5 billion) with a focus on the tourism and senior living infrastructure in China and Russia.
The Russia-China Investment Fund (RCIF) has signed a Memorandum of Understanding (MOU) with Vcanland, a leading developer of tourism infrastructure and senior living communities in China.
Together the parties will create a joint investment fund targeting USD 800 million (RMB 5 billion) with a focus on the tourism and senior living infrastructure in China and Russia. The fund will focus on opportunities in desirable tourism destinations across both countries, including Hainan in China and Lake Baikal, Vladivostok and the Sochi region in Russia, as well as opportunities in the senior living sector.
Kirill Dmitriev, Co-CEO of RCIF, said: "The Russian travel and tourism industry is expected to grow at 4% annually, and tourism between Russia and China will grow even faster. China is the second most popular destination for Russian tourists, whilst Russia is the third ranked destination of choice for the Chinese. About 3.3 million of Chinese tourists visited Russia in 2012 – a three times increase on 2007. We strongly believe that the robust momentum in bilateral tourism and need for senior housing will create enormous investment opportunities in the related sectors, generating attractive returns for investors."
Li Defu, Chairman of Vcanland Senior Living Group, said: "Vcanland is among the pioneers of tourism related project development in China and had been focusing on senior living sector since 2009 and become a leader in providing senior friendly services and products in China. We are very excited about the opportunity to partner with RCIF to capture the favorite social and economic trends in both sectors and create significant values for both parties and future investors leveraging on both parties' unique resources and capabilities."