毕马威中国资本布局澳大利亚医疗市场英文版20180128页

DemystifyingChineseInvestmentinAustralianHealthcareJanuary2018KPMG.com.auISSN2203-203729/01/2018CapitalisingonChina'shealthcarereform2DemystifyingChineseInvestmentinAustralianHealthcare©2018KPMG,anAustralianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirmsaffiliatedwithKPMGInternationalCooperative(“KPMGInternational”),aSwissentity.Allrightsreserved.TheKPMGnameandlogoareregisteredtrademarksortrademarksofKPMGInternational.LiabilitylimitedbyaschemeapprovedunderProfessionalStandardsLegislation.AboutourreportsDespitestrongpublicinterest,littledetailedfactualinformationhasbeenpreviouslyavailableaboutthenatureanddistributionofChina’soutbounddirectinvestment(ODI)inAustralia.Withoutthefacts,thereismisinformationandspeculation.OurreportsseektosettherecordstraightanddebunkthemythsassociatedwithChineseinvestmentinthiscountry.Thisisthe13threportsincethelaunchofourDemystifyingChineseInvestmentseriesinSeptember2011.ThisreportexaminesChineseinvestmentinAustralianhealthcareforthecalendaryears2015,whenwefirstrecordedinvestmentintothesector,throughtoDecember2017.MethodologyThedatasetiscompiledjointlybyKPMGAustraliaandTheUniversityofSydneyBusinessSchoolandcoversinvestmentsintoAustraliamadebyentitiesfromthePeople’sRepublicofChinathroughmergersandacquisitions(M&A)andjointventure.ThedatasettracksChineseinvestmentbysubsidiariesorspecialpurposevehiclesinHongKong,Singaporeandotherlocations.Thedata,however,doesnotincludeportfolioinvestmentssuchasthepurchaseofstocksandbondswhichdonotresultinforeignmanagement,ownershiporlegalcontrol.Ourdatabaseincludesdirectinvestmentsrecognisedintheyearinwhichpartiesenterintolegallybindingcontractsandifnecessary,receivemandatoryForeignInvestmentReviewBoard(FIRB)andChineseGovernmentinvestmentapprovals.Incertaininstances,finalcompletionandfinancialsettlementmayoccurinalateryear.Forconsistency,thegeographicdistributionisbasedonthelocationoftheAustralianinvestedcompanyandnotonthephysicallocationoftheactualinvestmentproject.CompleteddealswhicharevaluedbelowUSD5millionarenotincludedinouranalysis,assuchdealsconsistentlylackdetailed,reliableinformation.Unlessotherwisestated,thedatareferredtothroughoutthisreportissourcedfromtheKPMGAustralia/UniversityofSydneydatabase,andourpreviouslypublishedreports.1KPMGAustraliaandTheUniversityofSydneyteamobtainsrawdataonChina’soverseasdirectinvestment(ODI)fromawidevarietyofpublicinformationsourceswhichareverified,analysedandpresentedinaconsistentandsummarisedfashion.Oursourcesincludecommercialdatabases,corporateinformation,andofficialdatafromAustralianandChinesesourcesincludingAustralianBureauofStatistics,ForeignInvestmentReviewBoardandMinistryofCommercePeople’sRepublicofChina.Ourdataisregularlyupdatedandcontinuallyrevisedwhennewinformationbecomesavailable.Inlinewithinternationalpractice,wetraditionallyrecorddealsusingUSDasthebasecurrencyanduseAUDformoredetailedanalysis.WebelievethattheKPMGAustralia/UniversityofSydneydatasetcontainsthemostdetailedandup-to-dateinformationonChineseODIinAustralia.1IncludesAustralia&ChinaFuturePartnership,September2011;TheGrowingTide:ChinaODIinAustralia,November2011;DemystifyingChineseInvestment,August2012;TheEnergyImperative:Australia-ChinaOpportunities,25September2012;DemystifyingChineseInvestmentinAustralia,March2013;DemystifyingChineseInvestmentinAustralianAgribusiness,October2014;DemystifyingChineseInvestmentinAustralia,March2014;DemystifyingSOEInvestment,August2014;ChineseInvestorsinAustraliaSurvey,November2014;DemystifyingChineseInvestmentinAustralia,May2015Update;DemystifyingChineseInvestmentinAustralia,April2016,DemystifyingChineseInvestmentinAustralia,May2017.©2018KPMG,anAustralianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirmsaffiliatedwithKPMGInternationalCooperative(“KPMGInternational”),aSwissentity.Allrightsreserved.TheKPMGnameandlogoareregisteredtrademarksortrademarksofKPMGInternational.LiabilitylimitedbyaschemeapprovedunderProfessionalStandardsLegislation.4DemystifyingChineseInvestmentinAustralianHealthcareKeyfindingsChineseinvestmentinAustralia’shealthcaresectorsoarsfrom2015to2017AUD5.5billionChineseinvestorsarepredominantlyprivatecompanies-hospitals-specialisedhealthcareproviders-pharmaceuticalcompanies-constructioncompanies-privateequityUSD4.5billionBycomparison,ChineseinvestmentinUS’shealthcaresectorfrom2015to20172Australia’shealthsupplementandhealthcareservicedeliverysectorsaccountedformajorityofChineseinvestment(nomajorinvestmentinpharmaceuticals,biotechnologyoragedcare)8.1%AnnualgrowthofChina’shealthcarespendingexpectedoverthenext5yearsAustralia’sattractionsforChina-digitisationofhealthcareservicesandtechnicalcapabilities-managementexpertise-stablepoliticalandeconomicenvironment-culturaldiversityChinesehealthcareinvestmentinAustralia2015–201749%NSW45%VIC6%QLD2RHG,Twowaystreet:2017update,2017.©2018KPMG,anAustralianpartnershipandamemberfirmoftheKPMGnetworkofindependentmemberfirmsaffiliatedwithKPMGInternationalCooperative(“KPMGInternational”),aSwissentity.Allrightsreserved.TheKPMGnameandlogo