Deal Cut for 1,500 Assisted Living Units in China

Each land lease consists of 500 acres slated to hold a minimum of 300 units each, for a total of 1,500 units. Under the agreement, Grand Field will assume the responsibility of financing, development and sale of the completed properties. Construction on the initial two projects located in the Baotou Province of China is expected to commence in the Fall of 2006, with the balance of the three properties to be completed in 2007.

Sunnylife Global, a public company traded on the Pink Sheets, says it has developed a healthcare management system in conjunction with the Chinese government authorities. The company is in multiple joint-venture agreements with the Chinese government to renovate and revitalize China's older hospital facilities in order to meet the current international standard. In addition, the company has patented natural products, which it plans to introduce to Chinese customers through seven different joint venture companies in China.

Fran Daniels, president of Financial Services of America, a financial advisory and investor relations firm working with Sunnylife, tells GlobeSt.com that each of the five assisted living properties will cost approximately $8.6 million to develop and their sell off as condominiums will generate approximately $13.5 million in revenue.

Sunnylife will receive 70% of the net profit and the government will receive 30%, says Daniels. Sunnylife will then split its share 60-40 with Grand Field, she says.