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Anbang Insurance is poised to acquire a stake in Retirement Concepts, one of BC’s biggest retirement home chains, in a deal the Globe and Mail reports would exceed $1B and give the Beijing-based group “an important role in the delivery of healthcare” in the province. Retirement Concepts owns and operates 24 communities, mostly in BC. Anbang earlier this year acquired a majority stake in Vancouver’s Bentall Centre, an iconic 1.5M SF four-tower office complex. The foreign takeover of Retirement Concepts is under scrutiny by the federal government’s Investment Review Division because it exceeds the $600M threshold. [G&M]
