Updated on 20 October 2016
Columbia Pacific Management, one of the largest and fastest-growing healthcare providers in Asia, is partnering with Temasek, an investment company based in Singapore, on a joint venture that will provide China's growing middle-class population with affordable, patient-centered care across a spectrum of healthcare and senior services.
Temasek is investing about $250 million USD in Columbia China, the China healthcare arm of Seattle's Columbia Pacific Management, which will result in a 50/50 joint venture with Columbia Pacific. Columbia China currently has a 220-bed orthopedic hospital, two multi-specialty clinics and three senior living facilities in Shanghai and Beijing. The company is also developing three multi-specialty hospitals of 300-500 beds, in Wuxi, Jiaxing and Changzhou, as well as a 300-bed senior living facility in Ningbo and a growing pipeline of other projects across China.
The partnership with Temasek will enable Columbia China to further expand in China through acquisitions and greenfield projects.
"We've already built a strong team in China that has quickly expanded since we first entered the China market five years ago," said Bee Lan Tan, Group CEO of Columbia China. "With such valued support from Temasek, we look forward to continuing to accelerate our growth."
"China's demand for healthcare services and senior living at international standards is unprecedented and growing every day," said Nate McLemore, Managing Director of Columbia Pacific Management. "We are thrilled to have a partner like Temasek that has both a shared vision of providing high quality healthcare to Chinese patients and seniors, as well as a long track record of successful investments in China and around the world."