Dec 06, 2013 05:25 PM

Evergrande Partners with Harvard to Build Hospital in China

(Beijing) –Evergrande Group said on December 4 it has reached agreement with Harvard University to build a hospital in China, the real estate giant's latest effort to diversify its business structure.

Evergrande and Harvard have already started picking a location for the hospital, a source close to the partnership said. Shenzhen and Guangzhou, both in the southern province of Guangdong, were the top choices.

The new hospital will partner with Harvard's Brigham and Women's Hospital (BWH). Evergrande said it will provide the funding, and BWH will provide management and medical teams.

Elizabeth Nabel, head of BWH, will visit China soon to discuss the location and other details, Evergrande said.

"The total investment and the size of the hospital have not been confirmed," the source said. Those issues need to be worked out by Evergrande, Harvard and a local government.

Hong Kong-listed Evergrande is one of China's largest property developers in term of sales. It had total assets of 274.6 billion yuan by the end of 2012. The company, whose core business is residential property development, has been expanding in a range of areas, including hotel operations and sports.

Also, Evergrande said it and the U.S. university agreed to build a Harvard Center for Green Buildings and Cities, the Evergrande Center for Immunologic Diseases and the Center for Mathematical Sciences and Applications. Those facilities would be at Harvard.

Evergrande has partnered with domestic universities including Tsinghua University and Renmin University on education projects that focus on management, engineering, urban planning and new materials.

Evergrande is still moving ahead with property development. On December 4, it spent a total of 9.7 billion yuan for six plots of land in Shanghai and Nanjing, both in eastern China. Earlier it spent 5.1 billion yuan on a plot in Beijing.

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