Date
25 September 2017
Evergrande is eyeing cosmetic surgery clinics as part of a business diversification plan. Photo: wikipedia.org
Evergrande is eyeing cosmetic surgery clinics as part of a business diversification plan. Photo: wikipedia.org

Evergrande buys into Korean plastic surgery services firm

China’s Evergrande Real Estate Group has purchased some stake in Wonjin Aesthetic Surgery Clinic, South Korea’s biggest plastic surgery services provider, China Daily reported.

The company did not provide details about the acquisition, but said it will establish a joint medical cosmetology hospital with the Korean plastic surgery giant soon, the paper noted.

“Evergrande will launch a healthcare subsidiary group, which will be responsible for the plastic surgery business,” a company official was quoted as saying.

The group has run recruitment ads for the healthcare subsidiary, saying the business will serve more than 50 million people within a few years.

Evergrande expects annual revenue from healthcare business to exceed 16 billion yuan (US$2.6 billion) in 2015, and that the business will cover at least six big cities in China, the report said.

In the surgical business alone, revenue is expected to reach more than 10 billion yuan annually within three years, covering more than 10 million people.

The Korean deal comes after the Guangzhou-based property developer announced in August that it will pursue a long-term strategic plan to diversify its business for future growth.

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