Singapore-based Luye Medical Group Signs MOU with China's City of Chongqing for RMB2B Strategic Partnership

Jul 26, 2016 18:15 JST

Source: Luye Medical Group Pte Ltd

- Luye to invest RMB 2 billion (about S$400 million) to develop tertiary general hospitals and specialty centres in Chongqing
- MOU will allow Luye to introduce knowledge and expertise from Singapore, Australia, Korea and US to Chongqing
- Also in the pipeline: Collaboration with global healthcare organisations to serve Chongqing's nearly 30 million population and greater China

SINGAPORE, Jul 26, 2016 - (ACN Newswire) - Singapore-based Luye Medical Group, has signed a strategic cooperation memorandum of understanding (MOU) with Jiangbei District Government, Chongqing in China to introduce globally renowned healthcare knowledge and expertise into Chongqing and jointly develop healthcare capabilities and services in the city.

The MOU was signed by Luye Medical Group's East Asia CEO Mr Guo Wenfei and Chongqing Jiangbei People's Government representative Miss Dai Xiaohong, and witnessed by Chongqing Mayor Mr Huang Qifan and Chairman of Luye Group Mr Liu Dianbo.

Through the MOU, both parties will partner to develop private healthcare services and capabilities in Chongqing through collaboration with global healthcare organisations and the transfer of knowledge and expertise into the China healthcare market.

Luye Medical Group will invest RMB 2 billion (about S$400 million) in the next few years through the introduction of knowledge, best practices and expertise from Australia, Singapore, Korea and the United States into Chongqing and partner with the Chongqing government to develop high quality private healthcare services and facilities to meet growing demands of the population.

The project which covers an area of more than 20 acres, includes the development of tertiary general hospitals and specialty centres which will specialise in oncology, cardiology, orthopaedics, neurology, obstetrics and gynaecology, as well as community facilities to provide comprehensive integrated healthcare services.

Mr. Choo Kin Poo, Group Vice President, Strategy Planning & Business Development of Luye Medical Group said, "Through our investment, advanced medical technology, management experiences and global healthcare expertise will be introduced to develop a patient centric comprehensive integrated healthcare system and services that will meet the needs of the Chinese market especially in the medium to higher income group in the southwest region of China."

Mr Choo added, "This is an important milestone for Luye Medical Group Singapore to invest and expand our healthcare business footprint in China. We are pleased to partner with Chongqing, an important city in the Singapore-China third Government to Government project, to kick start our private tertiary hospital and specialty centre development plans. The partnership and investment will further optimize Chongqing's investment and development in healthcare, and the collaboration will become a standard benchmarking project between Singapore and Chongqing China."

On April 18, 2016, Luye successfully acquired Australia's third largest private healthcare group, Healthe Care, paving the way for the Group's expansion in Asia. The acquisition of Healthe Care worth $938 million Australian dollars has leapfrogged Luye Medical Group into the ranks of one of the largest international private medical groups in the region.

About Luye Group

Founded in 1994, Luye Group is an innovative enterprise focused on research and development of innovative drugs, provision of high-end medical services, led by cutting-edge life sciences research, with the aim to become an overall health solutions provider, from prevention, pharmaceutical R&D, clinic treatment to rehabilitation. Under the Luye Group, Luye Medical Group has been making a foray into the international healthcare industry in recent years. Through the successful purchase of Healthe Care, the third largest private hospital group in Australia, a famous obstetrics and gynecology services medical group in South Korea, and a health examination and diagnostic radiology medical centre in Singapore, Luye Medical Group has entered the ranks of China's largest integrated international private medical groups.

About Luye Medical Group

Luye Medical Group is the medical services segment of Luye Group. Headquartered in Singapore, Luye Medical Group has a global presence including China, South Korea, Singapore and Australia. Adhering to the mission of "Professional Technology and Services for Human's Health", Luye Medical Group promotes health and healthcare, with the aim of providing excellent patient-oriented healthcare services for the medium and higher income group, towards becoming the world's most respectable leading company in the healthcare industry.

Through the introduction and innovation of the world's leading medical technology, operational model and management system, Luye Medical Group provides high-standard international healthcare solutions at home and abroad. Luye Medical Group own a series of internationally renowned medical brands including Healthe Care (Australia), AsiaMedic Ltd (Singapore) and Ellium (South Korea). The Group has also established strong collaboration and cooperation with Bobath Memorial Hospital and Goodwill Dental in Korea. Moving forward, the group will be focusing on specialized areas including oncology, neurology, cardiology and orthopedics, Luye Medical Group will continue to introduce global brands and expertise into the China market, to meet people's and patients' need for high quality healthcare services. For more information, please visit http://www.luyemedical.cn/en/.

Issued on behalf of Luye Medicals Group Pte Ltd by:
Waterbrooks Consultants Pte Ltd
Tel: +65 6100 2228

For media enquiries, please contact:
Ms. Jacqueline Lim
Mobile: +65 9695 9318
Email: jacqueline@waterbrooks.com.sg

Mr. Ng Wei Joo
Mobile: +65 9829 3211
Email: ngweijoo@waterbrooks.com.sg

Source: Luye Medical Group Pte Ltd
Sectors: BioTech, Healthcare & Pharm