Lanhai Medical to Rebuild Old Central Shanghai Hospital Into High-End International Facility

Yicai

2016-12-05

(Yicai Global) Dec. 5 -- After spinning off its money-losing shipping business and shifting its focus towards medical investment business, Lanhai Medical Investment Co. [SHA:600896] will acquire Huangpu District Central Hospital in central Shanghai to transform it into a high-end international general hospital -- the Bund Hospital.

Lanhai Medical Investment will buy a 95 percent stake in Shanghai Hefeng Property Co. listed for sale on the Shanghai United Assets and Equity Exchange by the Shanghai Bund Investment Group -- as well as the latter's creditor's claim against Hefeng Property -- at a minimum price of USD179 million (CNY1.235 billion), the company said yesterday.

The Bund Hospital will be a high-end for-profit general hospital run per the mature management model of international private hospitals and focused on treating mainly major diseases, but also all others, the company said.

The government of Huangpu district, Shanghai formed the Shanghai Bund Investment Group, which it designated as the overall unit responsible for the functional re-development of the Bund financial cluster.