The building of Taikang Life Insurance. [File Photo: 163.com]

A Chinese insurance company is planning to invest 100 billion yuan, or 16 billion US dollars, in the next five years in elderly-care communities and hospitals.

Taikang Life Insurance has opened its first self-invested hospital next to its elderly residential community here in Beijing.

It is also set to launch similar projects in Shanghai and Guangzhou next year.

Meanwhile, land has been set aside in Sanya, Wuhan and Chengdu for new projects which are set to start operation by 2020.

Up to now, 10 other Chinese insurance companies have invested over 70 billion yuan in the elder-care business here in China.