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Along the way, they became influential in the health-care industry, winning many lucrative contracts with the provincial government to provide subsidized care for seniors. By last year, they had won annual Health Ministry contracts worth more than $86 million.  And over the decades, the Jamals, wealthy members of B.C.’s tightly knit Ismaili community, also judiciously invested in dozens of other properties across Canada and the U.S., including grocery stores, hotels, apartment buildings, office buildings and malls, and even a chicken farm. Now, at least part of their empire, which may be valued at more than $1 billion, is being sought by Anbang Insurance, the massive but shadowy Chinese company that earlier this year bought a majority stake in Vancouver’s Bentall Towers complex and which has been on a buying spree in Canada and the States. On Monday, a statement from Retirement Concepts acknowledged that a Canadian subsidiary of Anbang, Cedar Tree Investment Canada Inc., has offered to buy a majority interest in the company, which operates 24 retirement homes in B.C., Alberta and Quebec. Although Retirement Concepts won’t say how large the deal is, it’s massive enough to trigger a review by the federal government’s Investment Review Division, which examines all foreign-ownership offers that exceed $600 million. The purchase, if approved, would be the first major foray into the Canadian health-care service industry by a Chinese investment firm.  Since 2004, Anbang, which has a reported US$300 billion in assets, has raised eyebrows with a spree of offers for international property and insurance assets. This is also the second time the company’s investments have come under federal scrutiny; in April 2015 Ottawa approved its plan to buy a 66-per-cent stake in the four Bentall towers in Vancouver for an estimated $660 million. But just a month later, it bought the rest of the property from the outstanding shareholders. Retirement Concepts says it “will retain a minority stake and will continue to manage the day-to-day operations” of all its seniors’ communities, and that there will be no changes to care, policies, procedures or operating standards. Anbang officials didn’t respond to a request for comment.

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