Oxley eyes development of medical hub in China

It will be in Chongqing City.

Oxley Holdings Ltd. unveiled plans of developing a medical hub in Chongqing City as it shook hands with China's Chongqing Liangjiang New Area Administrative Committee.

The deal was signed by the group's 75%-owned subsidiary, Oxley Zhong Xin Yi Pte. Ltd, through a strategic cooperation framework agreement.

"Pursuant to the Agreement, the parties shall cooperate to develop an integrated medical hub in the Chongqing Liangjiang New Area and intend to enter into definitive agreements for such purpose by 31 December 2016," the group said in a statement.

Recently, the group ended its financial year by posting a 114% increase in net profits to $73.8 million in the last quarter.

Its overseas market contributed to a robust bottom line.