Shun Tak in powerful team running on fast linesBusiness | Samantha Wong 4 Jan 2018
Shun Tak Holdings (0242) announced yesterday that it has gone into a joint venture with a consortium of investors to invest in health-care projects in the mainland.
Committed capital for the operation totals US$500 million (HK$3.89 billion), according to Shun Tak Holdings. And its indirectly, wholly-owned subsidiary, Wise Horizon Developments, will contribute US$150 million to the joint venture.
The joint-venture vehicle, Perennial HC Holdings, has been established by Perennial Real Estate Holdings, which holds a 45-percent stake.
The remaining stakes are held by a consortium of partners comprising Shun Tak with 30 percent, Bangkok Bank Public with 10 percent, BreadTalk Group with 5 percent and other partners who collectively hold a 10-percent stake.
The projects will acquire and develop large-scale and predominantly health-care and integrated mixed-use developments in the mainland that are being sited because of being close to high-speed railway stations, Shun Tak revealed.
Under the agreement, Perennial and Shun Tak will also set up an asset and project management company and a hotel management company.
They will manage assets and projects including hotel operations and the integrated mixed-use developments.
The idea is that medical and health-care facilities, including specialized hospitals, medical centers and elderly care homes, will take shape, Shun Tak executive director Pansy Ho Chiu-king explained.
And besides hotels the joint-venture partners will move on real estate developments including retail facilities and offices and serviced apartments.