Chinese property and investment company Dalian Wanda Group said on Wednesday that it has teamed up with International Hospitals Group (IHG) to build three high-end international hospitals in Shanghai, Chengdu in Southwest China's Sichuan Province and Qingdao in East China's Shandong Province, the first time for the group to invest in the healthcare industry.
According to a press release Wanda sent to the Global Times, the investment is 15 billion yuan ($2.29 billion). The hospitals will be managed by IHG under its own brand.
The investment is the largest of its kind in the healthcare sector for a Chinese company and the first hospital projects managed and operated by IHG in China.
The investment in Shanghai will be about 8 billion yuan with 1,000 beds, followed by an investment of 5 billion yuan in Chengdu with 500 beds and 2 billion yuan in Qingdao with 200 beds.
Contruction of the Chengdu and Shanghai hospitals is scheduled to start in the first quarter of 2016, while the hospital in Qingdao is expected to open in August 2018.
IHG will appoint a foreign specialist to act as the director of each hospital, and it will also select top-level doctors and medical staff to ensure that the quality of care and operations conform to top international hospital standards, the release said.
Founded in 1978, IHG has completed over 450 healthcare projects in over 50 countries and regions for private- and public-sector clients including 22 national governments, the UN, the World Bank and the International Finance Corp.
Wanda had also agreed to acquire a majority stake in Legendary Entertainment, valuing the US movie studio at $3 billion to $4 billion, according to a Reuters report.
