Currently, 18 percent of China's population are aged 60 and above – higher than the 10-percent benchmark, which defines an aging society. But even as the country ages, its wealth is growing, which resulted in the growth of upscale senior communities across China.

Taikang community Yan Garden, located in the western suburbs of Beijing, is known for being the early batch of upscale senior communities in China.

Starting operation in 2015, for six years, the institution has enjoyed good occupancy. Now, it has 1,800 senior citizens, and the occupancy is nearly 90 percent.

It is popular among senior citizens for a quiet atmosphere in the suburbs, ample greenery, quality facilities, and more than 70 cultural activities on offer to enrich their everyday lives.

Each apartment is equipped with facilities suitable for the elderly. For example, handrails in many places, tables' corners are round and a shower room with specially designed seats.

The community has a posh canteen, swimming pool and a rehabilitation hospital.

But many residents are drawn by the colorful cultural activities. Seventy types of clubs and activities are available here.

Residents in the community are usually well-educated – out of the 1,800 residents, 63 are graduates of Tsinghua University. They are professionals in various fields, so many classes are taught by residents themselves. They are professors, retired officials, managers, and artists.

For example, I as a CGTN journalist, bumped into a chorus class which is conducted by a professor of China Conservatory of Music.

Min Lefu used to be a middle school teacher. He came here because of the cultural atmosphere. He said as he's only seventy-something, his health is sound, and he comes here to fully enjoy the cultural immersion. When I visited, he was being tutored by some other residents at calligraphy workshops.

But living in a community like this is not cheap. It will set a person back at least 6,000 yuan ($932) every month. The price varies according to the number of rooms and area of the apartment. People will also need to deposit one to two million yuan – which will be returned when you leave.

But many would like to take out their savings to live here. These well-educated residents were very likely well-paid. So they can afford it.

And some of them might be customers of Taikang life insurance. Being in the insurance business – the company has accumulated a pool of high net-worth individuals, which could be potential residents of the communities.

Liu Shuqin, senior consultant of Taikang Healthcare Investment Holdings, said insurance capital and senior communities are a perfect match.

An insurance company has big, stable and long-term capital, which is ideal for building and running such a community, according to Liu. And the construction, operation and earning cycle for this kind of property can be long. Insurance capital doesn't require a quick return.

At the same time, their life insurance products can be linked to the membership of their senior communities, so more people are willing to buy such products. Insurance customers can later be residents of the senior homes. So these two feed each other, Liu added.

Liu also said it normally takes three years to obtain land, build the property and start operations. If occupancy is guaranteed, it might take another two years for the operation to break even. Then comes stable profits, according to Liu. But the return of the whole investment takes a longer time, similar to hotels.

Now Taikang Insurance has opened seven senior communities in other cities and planned to build another 22 in the near future.

Many major insurance companies have also entered the field of retirement communities. To date, 10 insurance companies have invested in a total of 47 senior care communities across the country, providing 84,000 beds.

Those include big insurance companies like China Life Insurance and Taiping Life Insurance have also had built retirement community chains in China.

Apart from insurance companies, large property groups are also eyeing a slice of the pie.

Yuecheng Group, which used to invest in trade and property, has since switched to education and the silver-haired industry with its senior community project, Golden Home.

Wang Fei, Chief Operation Officer of Golden Home, said this mode is drawn from some overseas retirement communities. Acquiring land and building the community is very costly for private capital, which hinders private capital into the field, according to Wang. But this model can enable a return on investment quickly and enable the company to put more strength into the service.

The 63-year-old Lang Wei is one of more than 300 residents living at Golden Home. She said this is her home, and if her daughter comes from abroad to visit her, she can live here, unlike in other senior institutions. She also likes its location – in Beijing's Tongzhou district – which is convenient for her to go and about, as well as medical services the community offers, including emergency services.

The Golden Home senior community also charges about 3000 yuan of service fees from residents, who can enjoy all the facilities, activities, medical care that a senior community can offer.

But with so many senior community projects under construction or in the blueprints, experts have also warned of risks.

"Retirement communities take a lot of money to invest, maybe billions of yuan. It caters to high net worth clients. So if occupancy is low or not ideal, the risk is there," Zhang Bin, vice director of Committee of Senior Care Properties of China Real Estate Managers Union, said, stressing that capital also needs to focus on cheaper, easy to afford institutions and services, to cater to the demand of the whole society.

China's middle-class population now numbers 400 million, and as it grows richer, more will be able to afford a more comfortable and even colorful life in communities built for the elderly.