IHH Healthcare (IHH) and its strategic partner in Mainland China, Taikang Insurance Group, have broken ground on a multi-specialty hospital in Shanghai, China.
Both companies will deliver the 450-bed hospital, dubbed Gleneagles Shanghai Hospital, along with their project joint venture partner Shanghai Hongxin Medical Investment Holding. The facility will be located in Shanghai New Hongqiao International Medical Center (NHQIMC).
Touted to be the only foreign private joint venture hospital in NHQIMC, the project will entail an investment of RMB1.36bn ($200m). It is scheduled to open in 2020.
The hospital will be constructed on a 35,754 sq m site that has been acquired on a leasehold basis for 50 years. It is located near the Shanghai Hongqiao International Airport and high-speed railway station.
The new facility will offer a range of healthcare services, with a focus on seven key specialties: cardiology, cardiac surgery, gastroenterology, urology, minimally invasive surgery, general surgery and internal medicine.
IHH Healthcare managing director and CEO Tan See Leng said: “Greater China is our key growth market and we are committed for the long haul.
“We are confident of our prospects, given the rising demand for quality healthcare here and recent reforms by the government to open access for private investors to develop private hospitals and broaden health insurance coverage.
“With our global track record in delivering outstanding patient care and clinical outcomes, we are in a strong position to meet China’s enormous healthcare needs.”