“…The application of PPPs in the field of aged care properties has just started and there are only a few related studies. There is limited research focussing on applicability analysis (Yang and Chen, 2016, Li, 2013), government incentives (Liu et al , 2019b; Li, 2018) or concession period or price (Liu et al , 2018, 2019a). However, the capital structure of PPP rental retirement villages is one of the vital indicators for evaluating a project’s financial viability despite the lack of research.…”