Retirees Pay Big for “Paradise”

A new high-end retirement community in Shanghai held an open house on Saturday, but its sky-high entry fee has raised eyebrows.

So far, eighteen retirees have paid 500,000 yuan (US$68,728) each to be the community's first residents, according to a report in Shanghai Morning Post on Sunday. When the retirement community officially opens in April, it will be home to about 800 senior citizens.

The complex consists of 12 well-decorated buildings that stand in the midst of wheelchair-friendly parks. Each resident or a couple will have an apartment equipped with infrared sensors and emergency buttons connecting them to security guards on duty around-the-clock. On-site medical services and recreational facilities also will be available.

With these conveniences, the community is being called "elders' paradise" by locals.

But such a paradise comes at a very high price. To become a resident, one must pay 500,000 yuan in one installment for a 15-year membership fee. That poses a burden for many. Some of the community's first batch of residents have had to sell their houses to pay the fee.

Residents are also subject to an annual fee of 20,000 yuan to 50,000 yuan, depending on the size of their units. The minimum amount is almost the same as the annual retirement income of ordinary retirees.

In response to the criticism of its sky-high fees, a manager at the retirement community, who declined to be identified, said all the services provided are worth the money and that the membership scheme is necessary to help manage the community. （Source：CRIENGLISH.com）