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China’s Wanda plans $2.3 bn investment in hospitals

Chinese conglomerate Wanda is venturing into healthcare, it said Wednesday, with a $2.3 billion investment in three hospitals in China, to be managed by a British company. Wanda, owned by China's richest man Wang Jianlin, has its origins in property development but is diversifying into areas ranging from entertainment to e-commerce as China's economy evolves. Wanda plans to fund hospitals in commercial hub Shanghai, southwestern metropolis Chengdu and the port city of Qingdao, the firm said in a statement, adding the 15 billion yuan ($2.3 billion) investment is the largest healthcare investment ever by a Chinese company.