OUE Lippo Healthcare’s Prince Bay Hospital project lands CNY330M financing

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OUE Lippo Healthcare‘s joint venture Le Kang Assets (Shenzhen) has entered a CNY330 million (S$70 million) loan agreement to finance the development of Prince Bay Hospital in Shekou, Shenzhen, in China, the Singapore-listed company said in a filing to SGX Monday. 

“The loan is a significant milestone for the company as it reduces our total funding commitment and we can deploy our financial resources to other growth opportunities. It is also a reflection of the confidence of Bank of China, as the lender, on the future prospects of Prince Bay Hospital,” Yet Kum Meng, CEO of OUELH, said in the statement. 

Le Kang Assets (Shenzhen), which holds the land and property of Shenzhen China Merchants – Lippo Prince Bay Hospital, is indirectly owned by China Merchants Lippo Hospital Management (Shenzhen), which is OUE Lippo Healthcare’s joint venture with independent third party, China Merchants Shekou Industrial Zone Holdings, the filing said. The joint venture is held 50:50, the filing said.

The loan will be used to build and renovate Prince Bay Hospital, with the main structural construction progressing as planned an on track to be completed in the first half of this year, OUE Lippo Healthcare said. The hospital, with more than 200 beds planned, is expected to be commissioned in 2024 to serve affluent residents of the Guangdong-Hong Kong-Macao Greater Bay Area, the filing said.

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