– Luye to invest RMB 2 billion (about S$400 million) to develop tertiary general hospitals and specialty centres in Chongqing
– MOU will allow Luye to introduce knowledge and expertise from Singapore, Australia, Korea and US to Chongqing
– Also in the pipeline: Collaboration with global healthcare organisations to serve Chongqing’s nearly 30 million population and greater China
Singapore-based Luye Medical Group, has signed a strategic cooperation memorandum of understanding (MOU) with Jiangbei District Government, Chongqing in China to introduce globally renowned healthcare knowledge and expertise into Chongqing and jointly develop healthcare capabilities and services in the city.
The MOU was signed by Luye Medical Group’s East Asia CEO Mr Guo Wenfei and Chongqing Jiangbei People’s Government representative Miss Dai Xiaohong, and witnessed by Chongqing Mayor Mr Huang Qifan and Chairman of Luye Group Mr Liu Dianbo.
Through the MOU, both parties will partner to develop private healthcare services and capabilities in Chongqing through collaboration with global healthcare organisations and the transfer of knowledge and expertise into the China healthcare market.
Luye Medical Group will invest RMB 2 billion (about S$400 million) in the next few years through the introduction of knowledge, best practices and expertise from Australia, Singapore, Korea and the United States into Chongqing and partner with the Chongqing government to develop high quality private healthcare services and facilities to meet growing demands of the population.
The project which covers an area of more than 20 acres, includes the development of tertiary general hospitals and specialty centres which will specialise in oncology, cardiology, orthopaedics, neurology, obstetrics and gynaecology, as well as community facilities to provide comprehensive integrated healthcare services.
Mr. Choo Kin Poo, Group Vice President, Strategy Planning & Business Development of Luye Medical Group said, “Through our investment, advanced medical technology, management experiences and global healthcare expertise will be introduced to develop a patient centric comprehensive integrated healthcare system and services that will meet the needs of the Chinese market especially in the medium to higher income group in the southwest region of China.”
Mr Choo added, “This is an important milestone for Luye Medical Group Singapore to invest and expand our healthcare business footprint in China. We are pleased to partner with Chongqing, an important city in the Singapore-China third Government to Government project, to kick start our private tertiary hospital and specialty centre development plans. The partnership and investment will further optimize Chongqing’s investment and development in healthcare, and the collaboration will become a standard benchmarking project between Singapore and Chongqing China.”
On April 18, 2016, Luye successfully acquired Australia’s third largest private healthcare group, Healthe Care, paving the way for the Group’s expansion in Asia. The acquisition of Healthe Care worth $938 million Australian dollars has leapfrogged Luye Medical Group into the ranks of one of the largest international private medical groups in the region.