Economy and Business
Cathaya injects $25m for medical services
By Chen Qide (China Daily Shanghai Bureau)
Updated: 2010-01-06 16:52
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Private equity fund Cathaya Funds, financed by renowned French industrialist Jacques de Chateauvieux, announced Wednesday?that it will inject $25 million into Asia Pacific Medical Group (APMG) to develop world class medical services in China.
Michael Choy, founder and chairman of APMG, said the funds will be used to develop premium medical care facilities throughout China.
According to Priscilla Lu, managing partner and founder of Cathaya Funds, the company's decision to invest was attributed to APMG pioneering in China's leading-edge medical care industry and its overall market approach.
"As a strategic investor of APMG, Cathaya Funds will work closely with APMG to expand APMG's successful model throughout China," said Lu.
Cathaya Funds is a company focused on investment in high-tech industries, including health care and telecommunications in China and the Asia Pacific region.
"This infusion of funds will accelerate the growth of APMG during a favorable economy to meet the demand of the Chinese market," said Choy.
APMG has pioneered the concept of integrating quality global medical resources and technologies to enhance its medical services in China.
Joint ventures have been set up with China's top medical organizations including Beijing Tiantan Hospital and Shanghai Huashan Hospital to expand APMG's operational effectiveness and market influence, he said.
"As China's economy continues to grow, the public's demand for quality medical services has exceeded the level provided by the existing social welfare system. As such, there is an urgent need for advanced hospital management and healthcare services," Choy said.
He added that large hospitals such as those operated by APMG will bring considerable value to China in terms of setting industry standards by making high quality care available to an affluent population.
