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Billionaire Wang to invest 70b yuan in China health-care park

Wang Jianlin.jpg
Dalian Wanda Group Co plans to build a hospital park in Chengdu, south-western China, as Chairman Wang Jianlin steps up his effort to jump into the health-care industry.

[HONG KONG] Dalian Wanda Group Co plans to build a hospital park in Chengdu, south-western China, as Chairman Wang Jianlin steps up his effort to jump into the health-care industry.

Wanda, which operates businesses from property to entertainment, said it signed an agreement with the municipal government to invest 70 billion yuan (S$14.05 billion) in a health-care industry park that will include two general hospitals and eight specialised hospitals.

The park will also host about 30 related health-care companies, in what will be Wanda's largest investment in that space to date, according to the Beijing-based group.

The sizable investment marks the Chinese billionaire's ambitious push into the fast-growing health-care market. China's population is aging and incomes are rising, fuelling demand for health-care services in the country. Patients often face long lines at public hospitals and many are willing to pay up for better care.

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Prior to the hospital park investment, Wanda announced a partnership with International Hospitals Group last year, when it said it would invest 15 billion yuan to build three hospitals, of which two are under construction.

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