On September 13, 2024, BJ Health (02389.HK) announced that the group has signed a cooperation agreement with Rizhao Urban Construction Investment Group Co., Ltd. regarding the health care project.

According to the cooperation agreement, the group will collaborate with Rizhao Urban Construction Group to renovate the comprehensive building in Donggang District, Rizhao City, Shandong Province, with an area of ​​approximately 5,500 square meters. The project plans to have about 116 beds, actively creating a well-functioning, service-oriented, and standard-managed integrated retirement service institution.

Rizhao Urban Construction Group is a state-owned enterprise directly under Rizhao City in Shandong, mainly engaged in urban infrastructure construction and land development operations, with total assets reaching 10 billion yuan.

This cooperation project is the group's first coastal health care project. The potential of the coastal city resort health care market is huge, and the development prospects are promising. The group will use this project as a starting point to continuously expand the number of retirement beds in coastal cities, research and develop health care and resort business, and meet the market demand for health care for the 50 to 70 year old elderly group.