PowerChina to transfer hospital ownership

Power Construction Corporation of China (PowerChina), will transfer the ownerships of its 30 affiliated hospitals and clinics to China General Technology (Group) Holding Co Ltd (Genertec), a move to respond the government's call to divest non-main businesses.

The two centrally administered State-owned enterprises signed an equity transfer agreement in Beijing, on Tuesday.

The works of ownership transfer will be completed within the first quarter of 2023, said Ding Yanzhang, PowerChina's board chairman.

By taking over 339 hospitals from 20 central and locally administered SOEs, including Aviation Industry Corp of China Ltd and State Grid Corp of China, since 2018, Genertec currently manages 45,000 hospital beds with more than 50,000 doctors and nurses across 26 municipalities, provinces and autonomous regions.

PowerChina is an integrated construction group that provides investment and financing, planning design, engineering construction, equipment manufacturing, and operation management for clean and low-carbon energy, water resources, environmental construction and infrastructure in both the domestic and global markets.