China Healthcare Corp. Provides Update on JV to Build its First Hospital in China

NASHVILLE, Tenn. — Aug. 24 — China Healthcare Corporation, based in Nashville, Tenn., today provided details about its project to build a state-of-the-art, 500-bed replacement hospital in Cixi, China.

China Healthcare was founded in April 2008 by Dr. Thomas F. Frist, Jr., Charles A. Elcan and Henry Zhou. In April this year, the company received final government approval for its first hospital, a full-service, acute care facility that will replace the 150-bed People’s #2 Hospital. China Healthcare owns a 70 percent stake, while the Cixi government owns 30 percent of the venture.

“We’re pleased to partner with the Cixi government to build and operate a modern, full-service acute care replacement hospital that will blend the best of Western healthcare with the best of the East,” said Elcan, CEO of China Healthcare Holdings. “We look forward to working with Cixi government officials to bring new services and additional capacity to serve the people of Cixi and surrounding areas.”

With a population of nearly 2 million, Cixi is approximately 100 miles south of Shanghai in China’s Zhejiang Province.

Gresham Smith and Partners, which has healthcare design expertise in the U.S. and China, in conjunction with Shanghai Institute for Architecture Design and Research, has begun designing the facility, and construction is expected to begin in 2010. China Healthcare is beginning to assemble an experienced management team, and the company is exploring additional opportunities in China.

SOURCE China Healthcare Corporation