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Cleveland Clinic in line to manage proposed hospital in China

Cleveland Clinic reportedly signed a management consulting agreement with an unnamed organization to build a hospital in Shanghai July 1, according to Crain's Cleveland Business.

The news was reportedly shared with Cleveland Clinic's bond holders last month. A spokesperson for the health system confirmed the agreement to Crain's, but did not disclose the name of the partner organization or any further details regarding the transaction.

A disclosure agreement dated Aug. 8, obtained by Crain's, said the relationship would be the first for Cleveland Clinic Connected, the health system's global affiliation program. The disclosure agreement also did not provide any additional details about the deal.

The health system has been growing its global presence since 2007. That year, the health system established Cleveland Clinic Canada in Toronto.  It also signed its first international management agreement to operate Cleveland Clinic Abu Dhabi in 2007. The Abu Dhabi facility opened in 2015.

Cleveland Clinic also acquired property in London in 2015. The health system received regulatory approval in January to convert the six-story office building into a roughly 200-bed healthcare facility. The London facility is expected to open in 2020, the report states.

More articles on transactions and valuations:
BJC Healthcare sells shuttered 127-bed hospital for $13
Partners to examine Care New England acquisition amid financial issues
Meridian Behavioral Health Systems to acquire Highland Hospital

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