The Guangzhou Development District management committee signed a MOU with Wanda Group regarding the University of Pittsburg Medical Center (UPMC) international hospital project on Dec 28.
Zhang Shuofu, Standing Committee of CPC Provincial Committee, Wang Jianlin, president of Wanda Group, and Jeffrey Bernstein, international vice president of the UPMC, attended the signing event.
Wanda Group, cooperating with UPMC, will invest five billion yuan ($729 million) to set up Guangzhou Wanda UPMC International Hospital, and make it the most competitive and influential hospital brand in China. The hospital will provide world-class medical services for the whole Pan-Pearl-river delta region.
The hospital is said to be another high-end international hospital in Huangpu district following the Guangzhou Barcelona International Hospital and the Pantheon Medical Center. [Photo provided to chinadaily.com.cn]
It will be built and run by JCI accreditation and certification. The management team will be sent directly from UPMC to work with the cooperating parties, bringing high-quality resources accumulated by UPMC over the past decades to China.
UPMC, founded in 1893, is the largest medical group in the United States. Its annual revenue is up to $19 billion, and it has 80,000 employees. Over the past 20 years, UPMC has established successful joint venture projects in Ireland, Italy, Russia, Kazakhstan, Colombia, Qatar and other countries.
Wanda Group, on the other hand, is the world's largest real estate company, and is active in film and sports in China. Founded in 1988, it has formed four major industrial groups: business management, culture, real estate and finance. In 2017, Wanda's assets were valued at 700 billion yuan, ranking 380th among the Fortune Global 500.