Goldman, GIC invest $100m in China healthcare play iKang
Goldman Sachs and Government of Singapore Investment Corporation (GIC) have committed $100 million to Chinese private health management company iKang.
The company will use the capital to expand its network of treatment centers into third- and fourth-tier cities and develop a new business line relating to health check-ups, according to a statement.
"Health management is currently an emerging industry in China.... With iKang experience, we believe it could become an integral part to the public health resources and health management system," said Liu Qing, managing director of Goldman Sachs.
Set up in 2004, iKang has attracted about $20 million from other investors, including Merill Lynch, ePlanet Ventures, W.I. Harper and Walden International. The company has more than 40 centers in 12 major Chinese cities, such as Beijing, Shanghai, Guangzhou and Shenzhen.
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