Perennial-led consortium sets up US$1.2 bil JV to develop high-speed railway linked mega healthcare developments in China

SINGAPORE (Jan 3): A Perennial Real Estate-led consortium has taken the first step to develop US$1.2 billion ($1.61 billion) worth of integrated healthcare property mega mixed developments in China linked by high speed railway (HSR) network.

On Wednesday, Perennial HC Holdings, the joint venture vehicle, announced the closing of the first capital commitment of US$500 million.

Perennial, through its subsidiary, will hold a 45% stake in the JV. The remaining stakes will be held by Shun Tak Holdings with a 30% stake, Bangkok Bank with a 10% stake, a subsidiary of BreadTalk Group with a 5% stake, an investment vehicle of Kuok Khoon Hong with a 4% stake, S1F with a 4% stake, and a subsidiary of Wilmar International with a 2% stake.

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