Perennial Holdings, an integrated real estate and healthcare company headquartered in Singapore, signed an agreement with the Baiyun district government on Nov 8.

Under this agreement, Perennial Holdings is set to invest 5 billion yuan ($691.4 million) to develop a 1.18 square kilometer Greater Bay Area Baiyun International Healthcare and Wellness City. This ambitious project aims to become a leading international healthcare service hub that expects to serve Southeast Asia throughout its life cycle.

The initial phase of this project involves a 1-billion-yuan investment to establish the Perennial International Hospital, which is poised to become the first newly established wholly foreign-owned hospital following the Ministry of Commerce and two other departments issued a notice on carrying out pilot work to expand openness in the medical field in September 2024. The hospital is scheduled for completion and operational launch in 2025.

An aerial view of Baiyun. [Photo/WeChat account: gz_baiyunfabu]

In recent years, Baiyun district has been promoting the high-quality development of the biopharmaceutical industry, achieving notable success. By the end of 2023, Baiyun had nurtured 208 biopharmaceutical enterprises above the designated size, with leading business revenue above 20 million yuan, covering pharmaceutical manufacturing, medical services, pharmaceutical distribution, research, and development. This solid industrial foundation is instrumental in the development of Perennial International Healthcare and Wellness City.