Malaysia's IHH Healthcare, the world's second largest and Asia's largest healthcare group by market capitalization, said Monday that it is looking for opportunities to expand its healthcare business in China.
Speaking to reporters at a media briefing after an annual general meeting on Monday, IHH's managing director and chief executive officer Tan See Leng said the group's strategy in China is hub and spot model, which expands its healthcare business by building hospitals in tier one cities, supported by smaller medical centers and facilities.
The group's two hospitals in Chinese mainland, a 350-bed hospital in Chengdu and a 450-bed multi-specialty hospital in Shanghai, will be operational in 2018 and 2020 respectively.
For Chengdu, the group is looking for an alternative site in Xi'an and probably supported by another one in Chongqing, according to Tan.
"We are also looking something at capital region in Beijing and eventually expanding to northeast," Tan added.
The healthcare provider, which is listed on Malaysian and Singaporean bourses, launched its 500-bed Gleneagles Hong Kong Hospitals (GHK) in China's Hong Kong Special Administrative Region in March.
IHH has more than 40 hospitals in Malaysia, Singapore, India and Turkey. In China, IHH is operating 10 medical centers in Beijing, Shanghai and Suzhou.
Other than India, China will be IHH's another key potential market for its rising medical demand from a large, growing middle class, the group mentioned earlier.