New World Development Company Limited (“New World Development”) announced on 15 September that it has signed a strategic partnership agreement with China Taiping Insurance Holdings Company Limited (“China Taiping”), forming an official strategic alliance with China Taiping. With the Greater Bay Area as the common strategic focus, the two companies have agreed to combine and deploy their respective resources to co-develop four key businesses in Greater Bay Area, including healthcare and wellness, multi-area investments, insurance businesses and elite customer services.
Cross-Border Partnership – Promoting Healthcare and Wellness Businesses in Greater Bay Area
As the demand for top quality healthcare and wellness services in Greater Bay Area continues to grow, New World Development is set to fully leverage its advantage and expertise in high-quality healthcare services, thanks to its Gleneagles Hospital Hong Kong and Humansa operations. These services will also be combined with K11 MUSEA, a new cultural-retail landmark, as well as a total of eight luxury hotels, including Rosewood Hong Kong to enhance the full travelling experience of China Taiping customers visiting Hong Kong.
The strategic partnership between the two companies will also centre around China Taiping’s large-scale, integrated wellness and medical care communities in Greater Bay Area, its medical tourism project plans in Hainan, and New World Development’s medical care services in Hong Kong. The shared goal is to provide New World Development’s and China Taiping’s customers with a unique medical tourism experience, and a full healthcare and medical services programme.
Diverse Investments – Creating a Win-Win
To achieve a win-win situation, New World Development and China Taiping will co-invest in high-quality projects and opportunities that show great development potentials for both parties. Together, the two companies will focus on integrated commercial projects in core areas of Hong Kong and the Mainland, innovative technology, healthcare and wellness, asset management, infrastructure, and more. The partnership will see both parties collaborate on existing and new investment projects, while building a multi-faceted investment partnership by combining investment experience on high-quality projects.
Developing Brand New Insurance Products for Domestic and International Markets
Building on New World Development and China Taiping’s respective customer networks and experience in insurance, education, medical services and more, the announced partnership will create great synergies for both parties when providing related services. These include family entertainment, education, medical and other related insurance products and services, all of which can also be promoted at New World’s various landmarks, fully capturing the target customers. In addition, China Taiping and New World Development’s FT Life will offer complementary products to domestic and international customers, creating the best insurance solutions and a wide array of risk protection services.
Sharing Resources on Elite Customer Services
Through this strategic partnership, both parties hope to create a win-win situation by making targeted use of their exceptional resources in medical and healthcare, retail, hotel, medical tourism and other businesses across the Mainland, Hong Kong and Macau. Leveraging New World Development’s long-standing experience in operations excellence, its ability to deliver elite customer services in Hong Kong and the Mainland, as well as China Taiping’s wide network through its “Taiping Town” and "Taiping Connoisseurs", the two parties will further develop the huge market in Greater Bay Area.