China's first wholly foreign-owned general hospital is expected to open soon in the northern municipality of Tianjin following the city's move to issue a practicing license to the medical facility on Monday.
The Perennial General Hospital Tianjin, invested in and built by Singapore's Perennial Holdings Private Limited, has a total investment of around 1 billion yuan (about 140 million U.S. dollars).
Boasting specialty departments including orthopedics, immunology, cardiovascular disease, and oncology, the tertiary hospital will serve the Beijing-Tianjin-Hebei region, marking a significant step in the country's efforts to open up its services sector.
In late November, China unveiled a plan to allow the establishment of wholly foreign-owned hospitals in major cities including Tianjin. Experts have said this will help to establish a multi-tiered healthcare service structure and encourage healthy competition within the sector.
The hospital's primary investor also expressed gratification regarding the policy changes, promising to bring quality care to local people.
"We highly commend the Chinese government, the open policy, to allow foreigners to own, wholly own, 100 percent the hospital in China. I am very confident it will bring more foreign investment and bring a lot of confidence to the Chinese market, especially in the healthcare market. We are very delighted to be the first -- we'll bring in advanced medical equipment, as well as the advanced international standard of medical treatment and to collaborate with the local hospitals and the local doctors. What we hope is to raise the medical service standard in China so that we can benefit more local residents, as well as overseas residents who live in China," said Pua Seck Guan, CEO of Perennial Holdings Private Limited.
China has allowed the establishment of joint-venture medical institutions with foreign investors since 2000 and currently has over 60 foreign-invested joint-venture medical institutions.