Singapore’s Perennial Real Estate expands into healthcare with China venture

Singapore’s Perennial Real Estate Holdings said it would expand into healthcare for the first time through a joint venture in China that will buy and develop hospitals as well as medical service businesses.

Seeking to take advantage of China’s strong demand for healthcare, Perennial said it will buy a 40 percent stake in a venture for about S$63 million ($47 million). The remaining 60 percent will be held by a subsidiary of China Boai Medical Group, a Chinese hospital operator.

The company also said a mall it was building near the Chengdu East high-speed railway station would now become a healthcare hub in addition to a retail shopping centre. ($1 = 1.3478 Singapore dollars)