Its start-up costs in FY2020 from the two hospitals are projected to amount to $12 million, with $4 million coming from the Chongqing hospital.
“We invested in China because it is a huge market and there is a big demand to satisfy. Chongqing has 34 million people… Progressively, our revenue and profit will be diversified. It won’t be long before China will represent a very significant [perhaps even] 20-40% of our overall picture,” says Loo Choon Yong, executive chairman of Raffles Medical Group.
Loo believes that at least 10% of the market can afford care at its hospital, which is the only international hospital in Chongqing.
SINGAPORE (April 29): Raffles Medical Group (RMG) says Raffles Hospital Chongqing saw around 500 patients over 1Q19 since it opened in January this year. The new hospital currently has between 100 and 150 beds, and the group intends to roll out more beds progressively to fill its 700 bed capacity.
