Dalian
Wanda to invest $10 billion in China healthcare hub
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[April 10, 2017] SHANGHAI
(Reuters) - Dalian Wanda Group Co Ltd will invest 70 billion yuan ($10
billion) in a health park in China's southwest, the firm said in a
statement sent to Reuters on Monday, as some of the country's biggest
companies look to tap demand for private healthcare.
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Wanda, headed by China's richest man, Wang Jianlin, said it had
signed an agreement with the Chengdu city government to create a
'park' with two international general hospitals, eight small
specialized hospitals and 30 healthcare-related firms.
The investment comes as China's public hospitals are facing tough
demands from a fast-ageing population and tightening budgets as the
government looks to reduce state hospitals' reliance on drug sales.
This is creating space for private firms.
Wanda - whose business includes property development, shopping
malls, cinema chains and theme parks - has been spending heavily on
parks around China related to sports, leisure and health, to
capitalize on growing middle class demand.
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Rival conglomerate Fosun International Ltd is also increasing its
focus on healthcare and has announced various healthcare-related
deals over the past year.
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China's private hospital market has been a lure for local and
foreign hospital operators, though changeable regulations regarding
foreign investment in the sector, a dearth of doctors and nascent
private insurance schemes have slowed growth.
($1 = 6.9034 Chinese yuan renminbi)
(Reporting by Adam Jourdan; Editing by Christopher Cushing)
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