SINGAPORE (June 8): Parkway Pantai, part of IHH Healthcare group, and Shanghai Hongxin Medical Investment Holding, have entered into a land contract with the Shanghai land authority to develop of a 450-bed multi-specialty tertiary hospital in Shanghai New Hongqiao International Medical Center.

The new hospital, named ParkwayHealth Shanghai International Hospital, is a 70:30 joint venture between Parkway Pantai and Shanghai Hongxin, with a registered capital of RMB455 million ($93.7 million). The hospital will be built on a 3.6ha site, acquired on leasehold basis for 50 years.

Slated for opening in 2020, ParkwayHealth Shanghai will offer a comprehensive range of specialties and healthcare services, with a focus on cardiology, cardiac surgery, gastroenterology, urology, minimally invasive surgery, general surgery and internal medicine.

“Given its close proximity to the Hongqiao airport and high speed railway station and Parkway Pantai's solid track record in delivering outstanding patient care and outcomes, we are confident the hospital will serve the healthcare needs of the local residents as well as medical tourists to Shanghai,” says Yang Jie, Chairman of Shanghai New Hongqiao International Medical Center Construction Development Co, which is the majority shareholder of Shanghai Hongxin Medical Investment Holding Co.

Shares of IHH Healthcare last traded at $2.20 on the SGX.