Wanda to Start Chinese Hospital Construction This Year Amid Big Healthcare Move
Zhang Yushuo
DATE:  Jan 14 2019
/ SOURCE:  yicai
Wanda to Start Chinese Hospital Construction This Year Amid Big Healthcare Move Wanda to Start Chinese Hospital Construction This Year Amid Big Healthcare Move

(Yicai Global) Jan. 14 -- Wanda Group aims to start building international hospitals in Guangzhou, Chengdu and three other cities this year as part of the Chinese real estate giant's efforts to enter the country's big healthcare sector.

Wanda will integrate medicine, healthcare, commerce, and training into a new model with a focus on first-class hospitals, according to a plan put forward by founder Wang Jianlin at the Beijing-based firm's annual meeting.

The firm will finalize a template for its international hospital management contracts in the short-term and design world-class garden-style international medical institutions with a focus on smart technology. Wanda will also send professionals to the US for training.

Wanda has pursued an asset-light business model in recent years to focus on its well-performing areas, Wang said, adding the company is not giving up on the development of emerging industries. Wanda will develop and promote new industries featuring high technology thresholds that it deems to be of high potential. The big healthcare sector represents a strategic focus area for Wanda, he added.

Universities and hospitals are the two crown jewels of the big healthcare industry, Wang said, adding that the company will introduce a truly international first-class hospital system, rather than providing pure technical and management consulting.

Wanda agreed a deal with the world's top medical institution, the University of Pittsburgh Medical Center, last September to jointly invest in building world-class general hospitals in China, and will use UPMC's comprehensive medical system including its branding, management team, technical experts, and medical training.

The Wanda UPMC International Hospital project has progressed rapidly in recent months. The firm has already acquired land for the Chengdu facility and the design process has started. The company also struck a deal to secure a site for the CNY6 billion (USD887.6 million) Guangzhou Wanda UPMC International Hospital last month in the southern city's Huangpu district.

Follow Yicai Global on
Keywords:   Wanda,Property Developer