Chinese construction company Jangho Group has offered AU$2 billion ($1.4 billion) to buy out the Australian health clinic chain Healius Ltd. in a new push into the healthcare sector.

Jangho, a Beijing-based engineering company which is diversifying into healthcare assets, is already the largest shareholder of Healius with 16%. Healius operates medical centers and pathology laboratories in Australia. Jangho in 2015 acquired Vision Eye Institute, Australia’s largest ophthalmology chain.

Jangho offered AU$3.25 a share in cash for the remaining Healius stake, Healius said in a statement. The bid represents a 33% premium over the closing price Wednesday.

The deal comes as Australian tightens scrutiny over Chinese investment. In November, Hong Kong-based CK Group’s AU$13 billion ($9.4 billion) bid for Australian gas pipeline operator APA Group was blocked the government on national security grounds.

According to the Financial Times, between 2013 and 2018 Chinese investments and construction contracts in Australia were worth about $55 billion, of which $5.6 billion went into the country’s health industry.