Dalian Wanda to invest $10b in China healthcare hub

Dalian Wanda Group Co. has plans to invest 70 billion yuan ($10 billion) in a health park in China’s southwest.

The firm signed an agreement with the Chengdu city government to create a “park” with two international general hospitals, eight small-specialized hospitals and 30 healthcare-related firms.

The investment is in response to China’s aging population and growing income per capita, fueling demand for health-care services in the country.

Prior to the hospital park investment, Wanda announced a partnership with International Hospitals Group last year, when it said it would invest 15 billion yuan ($2.18 billion) to build three hospitals, of which two are under construction.

Rival firm Fosun International announced plans in May to become a world leader in the healthcare sector.