SOURCE: TimeShare Holdings

February 25, 2011 09:40 ET

TimeShare Holdings Announces JV Agreement for $230M Senior Living Center in China

CARSON CITY, NV--(Marketwire - February 25, 2011) - TimeShare Holdings, Inc. (OTCQB: TMSH) (PINKSHEETS: TMSH) ('TMSH'; 'The Company') is pleased to announce that TMSH and Western International External Corporation Ltd. (WIEC) have entered into a Joint Venture agreement with the Shandong Taishan Real Estate Co., Ltd. to finance, construct and secure the long-term management and operation of the Panlongshanshui Senior Healthy Living Center in Jinan City, Shandong Province, China (direct translation: "Panlongshanshui Old Person Health Living Center"). The project requires financing in the amount of $230 million dollars US for three phases. TMSH and WIEC are working with a well established financial institution to fund the three phases of the development.

The Senior Healthy Living Center, to be located in Caishi Town in the Licheng District of Shandong, will be a 270,000 square meter (66 acre) pastoral complex comprised of high-end, senior-friendly apartments accommodating up to 5,000 people. Clustered with the senior housing will be an array of auxiliary facilities ensuring joyful and convenient living, including a restaurant, hotel, supermarket, senior art college and recreation/tourism center, a hospital/medical center specializing in geriatrics, family suites, a kindergarten center to assist with grandchildren and a home care/domestic services center.

Senior services, including the medical facilities and services, will serve a wide range of senior needs from "young seniors" living independently or with their adult children, to those requiring assisted care, or those requiring 24-hour or terminal care. Healthcare standards will be established by the National Nursing Program endorsed by the Ministry of Civil Affairs. 

The most recent projects completed by Shandong Taishan Real Estate Co., Ltd. include:

1. Panlongshanshui Ecologic Residential Community: 200 villas for the elderly; 80,000 square meters.

2. Qinglong Garden Residential Community: 40,000 square meters, completely sold and operational.

3. Taishan Office Building: 28 floors, 45,000 square meters; 90% occupancy.

Like other countries, China's aging population is rising rapidly and the Chinese government is mobilizing to immediately bolster growth in the senior services industry. Current providers are unable to meet the quality, quantity and range of needs for even today's population. China's senior population today stands at 11% of the total population and is expected to rise to 17% by the year 2020 and over 30% by the year 2050. In Jinan City today, the senior population already exceeds 15%. And the nursing home bed shortage alone leaves a gap of more than 40,000 elderly people without elderly care facilities. Because of the current unmet demands of this population, the occupancy level of the Senior Healthy Living Center is expected to be high.

"We are delighted that our first venture in China is working with the Taishan Real Estate Company on such a noble project. The needs for the senior population are serious and immediate and we are proud of the vision that they and others have to create such a beautiful and functional complex," says Paul Thompson, Vice President of Investor Relations for TimeShare Holdings.

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