Wanda invests in 3 hospitals in China
Print Edition
CHINESE conglomerate Wanda is venturing into health care, it said yesterday, with a US$2.3 billion investment in three hospitals in China, to be managed by a British company.
Wanda, owned by China’s richest man Wang Jianlin, has its origins in property development but is diversifying into areas ranging from entertainment to e-commerce as China’s economy evolves. Reports say the company might soon take a stake in US film studio Legendary.
Wanda plans to fund hospitals in Shanghai, Chengdu and Qingdao, the firm said in a statement, adding that the 15 billion yuan (US$2.3 billion) investment is the largest health care investment ever by a Chinese company.
The hospitals will provide “international” standard care overseen by foreign directors, it said.
The project is also the first to be managed and operated by UK’s International Hospitals Group, it said.
The signing of the 10-year partnership agreement between the firms was witnessed by Britain’s foreign secretary Philip Hammond, who is visiting Beijing, said a separate statement released by the British embassy.
IHG hopes the projects will yield revenue of 300 million pounds (US$440 million), it added.
Wang is known outside China for several acquisitions including the organizer of Ironman extreme endurance contests, Swiss sports marketing group Infront, and a stake in Atletico Madrid.
He burst into the international spotlight in 2012 by buying US cinema chain AMC Entertainment for US$2.6 billion and his company owns over 200 malls, shopping complexes and luxury hotels across China.
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