Perennial Real Estate Holdings Ltd.'s US$1.2 billion Chinese joint venture vehicle won the tender for the 2.7 billion-yuan development of a regional healthcare and commercial hub in Tianjin, China.

The 40-year land use right to the development site with a total gross floor area of approximately 307,500 square meters was awarded to Perennial HC Holdings Pte. Ltd. by the People's Government of Xiqing District in the Chinese city at a tender price of 718 million yuan.

Tianjin South HSR Integrated Development will cover three land parcels with a combined estimated area of about 76,900 square meters. It will include a general hospital, women's and children's hospital, elderly care facilities and also feature hospitality and retail components. Operations are slated to begin 2022 in phases.

The Singapore-based developer said it will finance the tender bid using equity contributions from its partners in the vehicle, which raised US$500 million during its initial closing. In January, the joint venture was formed to target investments in healthcare-integrated mixed-use developments linked to high-speed railway stations in China.

As of July 26, US$1 was equivalent to 6.79 yuan.