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

[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.

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.

BLOOMBERG