Shanghai, China – Chinese conglomerate Wanda is venturing into healthcare, it said, with a $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 commercial hub Shanghai, southwestern metropolis Chengdu and the port city of Qingdao, the firm said in a statement, adding the 15 billion yuan ($2.3 billion) investment is the largest healthcare investment ever by a Chinese company.
The hospitals will provide “international” standard care overseen by foreign directors, 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 ($440 million), it added.
Wanda founder Wang is known outside China for a string of overseas acquisitions including the organiser of Ironman extreme endurance contests, Swiss sports marketing group Infront, and a stake in Spanish football club Atletico Madrid.
He burst into the international spotlight in 2012 by buying US cinema chain AMC Entertainment for $2.6 billion and his company owns more than 200 malls, shopping complexes and luxury hotels across China.
– AFP NEWS