“It could have been a scam to begin with,” she added.
Seniors in rural areas could be particularly at risk. They often live alone because their children have moved to big cities to find work. According to a 2016 survey by the Ministry of Civil Affairs, around 16 million elderly people were left behind in rural areas.
Many older adults “don’t have the financial means to pay for long-term care services and they don’t have children to care for them, so they’re basically stuck,” said Bei Wu, professor of public health at New York University that has been studying China’s elderly for three decades.
Police in Yiyang City are investigating Heng Fuhai, the company Ms. Yang invested in, and Yiyang Nanuo Senior Apartments, the company that stole money from Cao Yinglin, the retired craftsman who threw himself in the river last month . Authorities have asked those who have invested to provide more information and said they will try to minimize investor losses. But Ms. Yang is doubtful.
The Heng Fuhai and Nanuo Elderly Homes did not respond to requests for comment. The phone number for Nanuo has been disconnected. A Heng Fuhai employee hung up the phone.
Ms. Yang said she missed warning signs. The saleswoman, she said, urged her to invest shortly after her husband could no longer take care of himself. Ms. Yang resisted, but the saleswoman didn’t give up. The saleswoman called her, followed her home, and visited her husband in the hospital. The saleswoman even cleaned Ms. Yang’s house, she said.
“She acted like a daughter, a daughter that I gave birth to,” said Ms. Yang. “She was even more loving to me than my children. It felt like it was too embarrassing to say no. “
Now Ms. Yang is only grateful for the small monthly retirement allowance she is receiving. If not, “I’d have to do what old Mr. Cao did,” she said. “It only takes one jump.”
Coral Yang contributed to the research.
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