Since the start of the year, IHH Healthcare’s share price has fallen some 6% while ParkwayLife REIT (PLife REIT), in which IHH has a 35.7% stake, is up almost 8% this year.

Unlike PLife REIT, which has downside protection for its rental income, IHH is subject to the vagaries of the market. IHH has sizeable operations in Turkey through Acibadem, a growing presence in China, and in India where it owns 31% of Fortis Healthcare. IHH planned to acquire an additional 26% in Fortis but that deal is now bogged down in litigation.

In the past 13 years, the three hospitals and Mount Elizabeth Novena in Singapore have benefitted from a growth in medical tourism-related healthcare, and also healthcare in general. After all, the city state, with its ageing population is reportedly home to 207,000 millionaires, based on a Credit Suisse survey.

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