Wang Jianlin, founder of the Wanda group, has announced an agreement with the government in Sichuan's capital, Chengdu.
Wanda plans to invest 70 billion yuan ($10.1 billion) to build a world-class health hub in the city in the coming few years.
The plan involves one general hospital and 8 separate specialized medical facilities. Wanda is also looking to attract around 30 different health-related companies into the hub.
At the same time, Wanda is partnering with a local dental hospital in Chengdu, investing 9 billion yuan to set up dental clinics in Wanda plazas throughout China.
The company is also planning to set up a large, high-end hospital in the city of Qingdao in Shandong.
Wanda is among a number of major Chinese firms which have begun looking for opportunities in the Chinese healthcare sector.
The high-end healthcare market is said to be entering a golden age, according to the the National Business Daily.
China's State Council has been pushing for the development of medical services in recent years. Plans are to create an 8-trillion-yuan medical service market by 2020.
The world's most populous country is also home to 230 million people above the age of 60. China also has one of the fastest aging populations.
To try to counter this, China ended its one-child policy in 2015, encouraging young couples to have a second child.
Under the new policy, in 2016, China saw 1.3 million more newborns than the year before.