A signing ceremony for the "Taikang Community" project is held in Binhu, Wuxi, Jiangsu province. [Photo/WeChat account: wxbhfb]

The government of Binhu district, Wuxi, East China's Jiangsu province and Taikang Healthcare Investment Holdings signed a cooperation agreement to build an intelligent nursing home on Aug 9.

The nursing home, named "Taikang Community", will cost 2.5 billion yuan ($368 million) to build and occupy 120,000 square meters of land.

Sun Haidong, Party chief of Binhu, said the life sciences and healthcare industry is one of the district's five major industries, and that he hopes Taikang can leverage its strengths to attract more high-quality resources to Binhu.

Taikang Healthcare Investment Holdings is a subsidiary of Taikang Insurance Group and specializes in investment, asset management and operations related to the healthcare industry. Taikang Community is now one of China's largest nursing home chains.