Fast-Aging Korea Sees Money in Luxury Retirement Homes
- Lotte and Hyundai invest billions in private retirement homes
- The high-end homes are part of a booming “silver industry”
Park Jong-chul, an 85-year-old in Seoul, recently decided it was time to move to a retirement home to secure the help he and his wife are starting to need. After viewing a presentation for VL Le West, a high-end apartment for seniors being developed by the conglomerate Lotte, he’s ready to sign up for one of the few remaining rooms.
“This kind of senior home provides three meals a day,” he said, adding that it wasn’t too expensive considering what it costs to hire a housekeeper.