HSBC deal opens hospital sector door

In a move that gives HSBC entry into China's fast-growing health sector, Chang An Hospital signed an agreement making the bank an advisor as the Sino-foreign venture sets out to increase its hospital assets to RMB 1 billion. The framework agreement calls for acquiring or merging as many as 100 hospitals in two years. An official at Shanghai-listed parent company Changan Information Industry said the bank will draw up strategies for fund-raising, acquisitions and capital expansion. Plans call for raising the cash overseas. HSBC declined to comment.