Evergrande buys stake in Wonjin Aesthetic Surgery Clinic
The acquisition came after Evergrande, based in Guangzhou, capital of Guangdong province, announced in August that the company had adopted a long-term strategic plan to diversify its business for future growth. On September 1, Evergrande launched three subsidiary groups to enter the agricultural sector in the grain and oil, dairy and animal husbandry sectors.
The company did not provide details about the acquisition, saying only that it will establish a joint medical cosmetology hospital with the South Korean plastic surgery giant soon.
Wonjin Aesthetic Surgery Clinic, which has 34 professional plastic surgeons, is the largest comprehensive plastic surgery operator in South Korea.
Evergrande has run recruitment ads for the healthcare subsidiary, saying the business will serve more than 50 million people within a few years.
The output value of China's cosmetic and plastic surgery industry is expected to grow by 15 percent year-on-year to exceed 850 billion yuan by the end of 2014, according to media reports. ■