Wanda Invests $2.3B To Build Three High-End Hospitals In China

Dalian Wanda Group says it plans to invest RMB15 billion (US$2.3 billion) to build three high-end hospitals in China in partnership with the International Hospitals Group Ltd. (IHG), according to a company announcement (in Chinese).

"Bringing top-tier general hospitals to China will not only meet increasing demand of the Chinese people, but also improve the healthcare standard for the city," says Wanda chairman Wang Jianlin, who is Asia’s riches man.

U.K.-based IHG will build the hospitals and ensure that they obtain certification by the Joint Commission International (JCI), which is considered the gold standard in global health care.

IHG will also manage the hospitals, which will be branded as HIG Wanda International Hospital. The word "HIG" has been translated into "Yingci" in Chinese.

The Shanghai, Chengdu and Qingdao hospital will each receive RMB8 billion, RMB5 billion and RMB2 billion investment, respectively. Wanda is also planning more two hospitals in Beijing and Guangzhou.

In September 2015, the two parties announced plans to build the IHG Qingdao International Hospital with RMB1 billion initial investment.

Construction for the Qingdao hospital has already begun and is expected to be fully operational in 2018. The Chengdu and Shanghai hospitals will begin construction this year.

The three hospitals combined will have 1,700 beds in total once completed.

Founded in 1978, IHG has completed over 450 healthcare projects in 49 countries for private and public sector clients, including 22 national governments, the United Nations, the World Bank and the International Finance Corporation, according to the announcement.

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Nina Xiang is the co-founder and managing editor overseeing editorial content and product development at CMN. Before founding CMN in 2011, Nina worked at BusinessWeek magazine in Beijing and Institutional Investor magazine in New York, writing about business and financial services. While in New York, she also served as part-time correspondent for Shanghai's financial television channel, China Business Network, as well as China Radio International, China's national English-language radio network.