SINGAPORE-BASED Luye Medical Group said that it has signed a strategic cooperation pact with Jiangbei District Government, Chongqing in China to introduce healthcare knowledge and expertise into Chongqing and jointly develop healthcare capabilities and services in the city.
A memorandum of understanding (MOU) was inked on Tuesday between the group and the Chinese district government.
Luye Medical Group said that it will invest two billion yuan (about S$400 million) in the next few years through the introduction of knowledge, best practices and expertise from Australia, Singapore, South Korea and the US into Chongqing and partner with the Chongqing government to develop high quality private healthcare services and facilities to meet growing demands of the population.
The project, which covers an area of more than 20 acres (eight hectares), includes the development of tertiary general hospitals and speciality centres which will specialise in oncology, cardiology, orthopaedics, neurology, obstetrics and gynaecology, as well as community facilities to provide comprehensive integrated healthcare services.
Earlier in April, Luye acquired Australia's third-largest private healthcare group Healthe Care for A$938 million (S$957.8 million) - a move that paves the way for its expansion in Asia.