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Tahoe Group to invest up to 100B yuan in healthcare over 5 years

Chinese developer Tahoe Group Co. Ltd. aims to invest 80 billion yuan to 100 billion yuan in the healthcare field over the next five years, Chinese property news portal Guandian reported.

Tahoe Group Chairman Huang Qisen said, according to the report, that healthcare is one of the company's six major investment directions and that it has made full preparations for the planned long-term investment strategy. The executive added that 10 billion yuan, excluding operational costs, will be invested in the sector annually for five years.

The Fujian, China-based property developer has been ramping up its diversification efforts in recent years. In the healthcare sector, the company bought California-based Alliance Healthcare Services in 2017, and in April, it signed a partnership agreement with the University of Pittsburgh Medical Center to jointly develop an international cancer medical center at a Beijing hospital owned by Tahoe, according to Guandian.

Besides healthcare, Tahoe's other key investment directions are real estate, tourism, education, culture and finance, the May 20 report noted.

As of May 18, US$1 was equivalent to 6.38 yuan.