Perennial Real Estate expands into China healthcare sector

Singapore

PERENNIAL Real Estate Holdings (PREH) has jumped on the bandwagon of China's rapidly growing medical and healthcare industry.

The mainboard-listed and Singapore-headquartered company has embarked on a joint venture (JV) with one of the largest private medical groups in China - a move that adds healthcare real estate to its portfolio.

PREH - an integrated real estate owner, developer and manager in China and Singapore - is pumping 286.7 million yuan (S$62.3 million) for a 40 per cent stake into the JV with China Boai Medical Group's unit Guangdong Boai Medical Group to acquire, develop and manage medical and hospital services throughout China.

For a start, the JV will acquire Modern Hospital Guangzhou (MHG), a profitable hospital specialising in oncology under Boai, which owns…