The UK’s International Hospitals Group and China’s Wanda Group have unveiled a 10 year exclusive global hospital partnership that includes involvement in building and managing the new 200 bed IHG Qingdao International Hospital and future projects in Shanghai and Chengdu.
Wanda says it will invest up to £1.5 billion in the first three projects, with IHG targeting revenue of at least than £300 million - another tangible example of benefits from the UK-China global partnership. Trade and investment between the UK and China has hit historic highs with up to £40 billion in deals signed during President Xi’s recent State Visit to the UK.
The UK enjoys a global reputation for a high quality medical system and service. UK expertise is sought-after by Chinese companies seeking commercial healthcare partnerships from medical training to hospital operation, medical investment and specific disease treatment.
UK Foreign Secretary, Philip Hammond said:
I’m very pleased to witness this very significant agreement. It highlights the UK’s leading position to meet growing demand for healthcare cooperation in China and as a partner of choice in a range of sectors. Our strong bilateral relationship positions us well for collaboration in a range of fields as we pursue our global strategic partnership.
IHG Asia Chairman, Chester King said:
The IHG-Wanda Group hospital development and management collaboration is a concrete example of the strength of the China-UK relationship in a critical sector within the Chinese and World economy. It is also an example of how Chinese and UK companies are working together to bring their complementary skills to the world.
Wanda Chairman, Wang Jianlin commented:
We are delighted to partner with IHG – they have an excellent track record in managing hospitals throughout the world. We look forward to harnessing UK expertise to bring healthcare opportunities to China and beyond. Wanda is bringing world-leading hospitals to China to benefit people with premium healthcare demands and fuel the ongoing development of the market in China.
About UKTI: UK Trade & Investment (UKTI) is the government department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy - acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For more information on UKTI, visit www.gov.uk/ukti
About IHG: Founded in 1978 IHG has successfully completed over 450 healthcare projects in 52 countries for private and public sector clients including 24 national Governments, the United Nations, the World Bank and the International Finance Corporation. Today’s announcement includes a £100 million leasing contract with Wanda for IHG Qingdao International Hospital which was previously announced by IHG. For more information on IHG, visit www.ihg.co.uk.