China’s largest commercial property developer, Dalian Wanda, has won the auction of a 133,252 square meter land parcel in Guangzhou’s Huangpu district for RMB1.34 billion, on which it will build a major international-quality healthcare project.
The local government required the winning bidder to partner with a US News Top 20 medical group on the project.
Wanda’s acquisition of the site was part of its plan to venture into the healthcare sector. At the beginning of the year, the group’s chairman, Wang Jianlin, who was once China’s richest man before Beijing’s deleveraging campaign forced to Wanda to shed over US$9 billion worth of assets over the past year, said that Wanda would focus on building a “top hospital” . The project would combine medical and healthcare services as well as commercial facilities and medical training facilities.
Last September, Wanda signed an agreement with the University of Pittsburg Medical Center to build a general hospital and introduce its management and systems into China.