Chindex Signs Joint Venture to Build World-Class Guangzhou United Family Hospital
Scheduled to open in 2017 in downtown Guangzhou, the full-service, international-standard Guangzhou United Family Hospital (GZU) will be largest facility to date in United Family Healthcare’s China network.
Chindex International, Inc. (NASDAQ: CHDX) (“Chindex” or the “Company”), an American healthcare company providing services in China through the operations of United Family Healthcare (“UFH”), a network of private hospitals and affiliated ambulatory clinics, signed an agreement today with The Guangdong Provincial Hospital of Traditional Chinese Medicine (“Guangdong Provincial TCM Hospital”) to establish a joint venture company that will operate the full-service, international-standard Guangzhou United Family Hospital (“GZU”) already under construction in downtown Guangzhou, China. The Hospital is scheduled to complete construction and open in early 2017 with a wide and uniquely integrated range of high-quality Western and Traditional Chinese Medicine inpatient and outpatient health care services, all in a premium setting for which United Family Healthcare is renowned. Upon opening, the Hospital will deliver comprehensive international-standard healthcare services including advanced surgery, family medicine, pediatrics, rehabilitation, Traditional Chinese Medicine (TCM) care, obstetrics and gynecology, internal medicine, and 24-hour emergency care, as well as other specialties.
The joint venture signing took place at a grand ceremony in Guangzhou which was presided over by US Consul General Jennifer Galt, Guangzhou Vice-Mayor Gong Er Zhen, and several other officials, dignitaries, insurance providers, and corporate partners of United Family Healthcare and the Guangdong Provincial TCM Hospital.
Roberta Lipson, President and CEO of Chindex, commented, “We are thrilled to be joining with our terrific partner, The Guangdong Provincial TCM Hospital, to establish what will be the largest premium hospital in our network. As such, we will be taking the next big step towards fulfilling our vision of expanding to more locations, with broader services, for new patient populations that are increasingly demanding our unmatched level of care in China. Guangdong TCM is an ideal partner who will enhance our comprehensive international standard services with their vast experience in the field of Eastern medicine.”
Mr. Lü Yu Bo, President of The Guangdong Provincial TCM Hospital, said, “We are glad to bring our resources and expertise to create China’s first-of-its-kind integrated Western and Traditional Chinese Medicine hospital, which will operate under the unparalleled United Family Healthcare banner. This means that people in China can now benefit from the very highest-quality care across all areas of medicine, all in one location.”
This joint venture signing for Guangzhou United Family Hospital comes on the heels of Chindex’ recent announcement in April that it has entered into an amended merger agreement with a buyer consortium comprised of an affiliate of TPG (together with its affiliates, “TPG”), Fosun Industrial Co., Limited (“Fosun”), which is an affiliate of Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (“Fosun Pharma”), and Ms. Roberta Lipson, the CEO of the Company. The consummation of the Merger is subject to certain conditions, including, among others, adoption of the agreement by Chindex stockholders, adoption of the agreement by a majority of Chindex disinterested stockholders, regulatory approval under Chinese antitrust laws, and other customary closing conditions.