Shanghai Issues New Supporting Policies for Aged-care Industry Development

Recently, Shanghai has issued Several Opinions on Accelerating Development of Aged-care Industry. The document points out that if the newly-built aged-care service facilities meet the "Appropriated Land List" requirements, the land shall be provided by allocation; the land of profit-making aged-care service facilities shall be supplied by lease, rent after lease, and transfer. The cost of land should be reduced through formulating new land prices reflecting homogeneity, public welfare, and sociality. In addition, Shanghai will further implement the relevant preferential tax policies for small and micro enterprises supported, and provide eligible small and micro-profit aged-care service enterprises with VAT, income tax and other tax incentives in accordance with relevant national regulations.