UK's IHG and China's Dalian Wanda sign 20 year joint venture
06-Dec-16, International Hospitals Group
The UK’s International Hospitals Group (IHG) and China’s Dalian Wanda Group have deepened their relationship by signing a 20 year joint venture to operate the first of Wanda's hospitals, the Qingdao Wanda IHG International Hospital, in Shandong Province.
%20International%20Hospitals%20Group.jpg "UKs IHG and Chinas Dalian Wanda sign 20 year joint venture (c) International Hospitals Group")
Image: International Hospitals Group
This new JV agreement is further to the signing of a RMB15 bn (USD2.2 bn) cooperation contract in Jan-16 between IHG and Wanda to design, construct, equip and operate 10 hospitals in China, with Wanda as owner and IHG as operator.
The new operational JV is for the first of these ten hospitals. The 200-bed hospital, located close to Wanda's new movie metropolis in Qingdao, will open in 2018 and is expected to generate revenues of over RMB4 bn (USD600 mn) over its first seven years.