英国医疗集团Circle将在中国开设诊所.doc

英国医疗集团Circle将在中国开设诊所
Circle Holdings has teamed up with Chinese investors to develop and manage a medical clinic in Shanghai, joining a wave of foreign operators seeking to capitalise on the nation’s ageing population.

Circle Holdings与中国投资者合作，将在上海开发和管理一家医疗诊所，加入一批寻求从中国日渐老龄化的人口获利的外国医疗运营商的行列。

The Aim-quoted company has formed a joint venture to design, build and operate 10 medical clinics throughout China in the next five years.

这家伦敦另类投资市场(AIM)上市公司已经成立了一家合资公司，将在接下来的5年时间里，在中国各地设计、建造和运营10家医疗诊所。

The first will open on the site of a refurbished hotel in Shanghai in 2017, offering a range of GP, diagnostic, outpatient and treatment services aimed at wealthier patients who can take membership or pay-as-you-go treatment.

其中第一家将于2017年在上海的一家翻修酒店开业，提供全科医生服务、诊断、门诊和治疗服务，定位于能够接受会员制或者即付即治方式的较富裕的患者。

Circle’s move underscores the growing appetite by western healthcare companies to expand in China after Beijing removed a cap on foreign ownership of private hospitals in 2012.

Circle的举措凸显出，在北京方面2012年取消对私立医院外资所有权限制后，西方医疗保健企业在中国扩张的兴趣越来越大。

Just 7 per cent of Chinese healthcare is provided by the private sector but companies have been encouraged to expand after Beijing’s decision to extend medical insurance to private hospitals.

中国仅有7%的医疗保健服务是由私营部门提供的，但北京方面将医保覆盖到私立医院的决定鼓舞了企业扩张。

Steve Melton, chief executive of Circle, said it hoped to press forward with the other openings quite quickly once the infrastructure has been established.

Circle首席执行官史蒂夫.梅尔顿(Steve Melton)表示，一旦基础设施建成，该公司希望迅速推进其余医疗诊所开业。

He added that the deal proved that the UK’s horizons remain global in the wake of Britain’s decision to leave the European Union.

他补充道，该项目证明英国依然放眼全球，即使英国决定退出欧盟(EU)。

A government initiative to shift treatment away from hospitals — where many Chinese are treated for minor ailments — to care by family doctors and local clinics should also boost the market along with the increasing urbanisation of its 1.4bn population, Mr Melton said.

梅尔顿表示，随着中国14亿人口的城市化日益推进，政府将医疗从医院——许多中国人在医院治疗小病——转至家庭医生和本地诊所的举措会提振整个市场。

Other investors include China Taiping, the third-largest insurer by revenue in China, which has 5.5m private medical clients, the state-owned Xinxing Cathay International Development Group, a conglomerate which provides all the uniforms for the Chinese army, and Huzhou Yongxing Investment Company.

与Circle合作的投资者包括拥有550万私人医疗客户、按收入计中国第三大保险公司中国太平(China Taiping)，为中国军队供应所有军服的国有集团公司新兴际华(XXCIG)，以及湖州永兴投资公司(Huzhou Yongxing Investment Company)。

The investor group has committed Rmb200m (￡22m) to the projects.

这个投资者集团已承诺向该项目注资2亿元人民币（合2200万英镑）。

Circle is best known in the UK for its takeover of Hinchingbrooke Hospital in Cambridgeshire, the first NHS hospital to be managed by a private company.

Circle在英国最为人所知的是收购剑桥郡(Cambridgeshire)的Hinchingbrooke医院，使其成为第一家由私营公司管理的英国国家医疗服务体系(NHS)医院。

The trailblazing deal came to an abrupt end last year when Circle pulled out of the hospital just three years into a decade-long contract amid financial troubles and mounting criticism of its performance.

这笔开拓性交易去年突然终止，Circle因财务方面的困境和外界对其表现日益增多的批评，仅履行10年期合同的3年就撤出了这家医院。

Circle will provide the management and development services under the Circle Harmony brand, which it has formed in partnership with Deep Sea Capital, a Hong Kong-based investment house.

Circle将通过Circle Harmony品牌提供管理和开发服务，后者是Circle和香港投资公司Deep Sea Capital共同成立的公司。

Once the facility is operational Circle Harmony will receive an annual management fee of ￡150,000 per clinic for a minimum of 20 years and annual profit-share of up to 10 per cent.

一旦设施开始运营，Circle Harmony将在至少20年中获得每所诊所每年15万英镑的年度管理费，并在年利润中占最高10%的份额。

It will also receive 10 per cent of the value should the new company decide to pursue a stock market listing.

如果新公司决定上市，Circle Harmony还将获得公司价值的10%。

The Shanghai clinic will also give patients access to specialist and secondary care services at the state-run Ruijin Hospital.

Circle在上海的诊所还能为患者提供对接国营瑞金医院的专家和二级护理服务的渠道。

In return, Circle will provide Ruijin Hospital with access to training and research opportunities in the UK in a deal that has been supported by the British government.

作为回报，Circle将为瑞金医院提供到英国培训和研究的机会，这项协议得到了英国政府的支持。

University College London Hospital has agreed to provide specialist medical advice while the Moeller Centre, a leadership development centre in Cambridge, which has several Chinese clients, will develop a training programme.

伦敦大学学院医院(UCLH)已经同意提供专家医疗咨询服务，而剑桥的领导力发展中心穆勒中心(Moeller Centre)将开发培训项目，该中心拥有多家中国客户。
A court ruling in a fourth-tier Chinese city has exposed legal risks from investment in fake equity by shadow banks, carrying potentially broad implications for the $2.6tn industry.

来自中国四线城市的一桩法院裁决暴露了影子银行明股实债投资的法律风险，该判决对这一规模2.6万亿美元的产业可能造成广泛影响。

Trusts have emerged as the biggest source of non-bank lending in recent years, with assets under management reaching Rmb18.2tn ($2.6tn) at the end of September.

近年来，信托公司已成为非银行贷款的最大来源，截至9月底所管理资产已达18.2万亿元人民币（合2.6万亿美元）。

That places trusts second only to commercial banks and ahead of insurance companies and securities brokerages.

信托公司的地位仅次于商业银行，排在保险公司和证券经济之前。

Some trust investments are classified as loans but a significant portion is instead labelled as equity.

部分信托投资被归类为贷款，但有很大一部分被标记为股权。

These deals typically involve an equity investment paired with a repurchase agreement, which requires the investee to buy back its equity along with a fixed dividend at a specified date.

这些交易通常牵涉与回购协议配套的股权投资，协议要求投资对象在指定日期以固定股利回购其股票。

The repo essentially transforms the equity financing into a debt-like arrangement.

这种回购实质上是将股权融资转化成债务类安排。

The practice allows trusts to evade regulations intended to restrict lending to risky borrowers.

这一行径令信托得以规避旨在限制向高危借款人贷款的法规。

In Chinese, the practice is known colloquially as fake equity, real debt.

在中国，此做法俗称明股实债。

Analysts say fake equity is one reason China’s official debt statistics may fail to capture the full extent of credit growth in the country.

分析师表示假股权是中国官方债务统计数据或许没有充分反映国内信贷增长水平的原因之一。

In a little-noticed ruling last month, a district court in Wuxing district of Huzhou city, in east China’s prosperous Zhejiang district, rejected a claim by New China Trust that it should be treated as a debtholder in the bankruptcy of a local property developer.

在上个月一桩不为人注意的判决中，浙江省湖州市吴兴区人民法院驳回了新华信托(New China Trust)的请求，新华信托申请在当地一家房地产开放商破产清算程序中应被视作债权人。

New China Trust invested Rmb225m in Huzhou Port Land Real Estate Company to finance a residential development called Triumphant Return International.

新华信托向湖州港城置业有限公司(Huzhou Port Land Real Estate Company)投资2.25亿元人民币，为凯旋国际(Triumphant Return International)社区项目提供资金。

The deal required Port Land to repay the equity plus dividends in three stages over 30 months, but the developer made only partial repayment.

该交易要求港城置业在30个月内分三期偿还股本加股息，但这家开发商只偿还了部分债务。

In 2015 Port Land entered bankruptcy.

2015年港城置业进入破产程序。

In a bid to recover its money, New China Trust submitted itself to the bankruptcy administrator as a creditor.

为了追回投资，新华信托向破产管理人提出自己应作为债权人。

This would have granted the trust seniority over equity holders in terms of recovering assets from Port Land.

这样在收回港城置业资产时，新华信托将比股东优先获得欠款。

But the administrator disagreed, deciding that New China was in fact an equity holder.

但管理人不同意，认为新华信托其实是股东。

In its recent judgment, the district court upheld that decision against a challenge from New China Trust.

当地法院在最近的判决中坚持这一决定，驳回了新华信托的请求。

The ruling could have a major impact on China’s trust industry.

该裁决可能对中国信托行业产生重大影响。

Growth of trust loans outstanding dropped from 62 per cent in 2013 to only 2 per cent last year, according to data from the China Trustee Association, due in part to tougher regulation.

根据中国信托业协会(China Trustee Association)的数据，由于监管加强的部分作用，信托贷款增长率从2013年的62%剧降到去年的2%。

But four other categories of trust investment, all of which potentially include fake equity deals, collectively grew 15 per cent last year.

但去年其他四类信托投资总体增长了15%，其中可能包括假股权交易。

New China has not said if it will appeal against the decision.

新华信托未表示是否会提出上诉。

If a higher court takes the opposite view — either in an appeal of this case or in a separate but similar case — the precedent could be reversed.

如果上级法院持相反意见——无论是对本案的上诉，还是对另一起相似案例——先前判决可以被撤销。

If the precedent stands, trusts could be forced to return to more traditional lending structures.

如果先前判决成立，信托公司可能被迫回到更传统的贷款结构。

That would probably lead to less overall lending, due to the tighter regulations.

由于监管规定收紧，这可能导致整体贷款减少。

Alternatively, trusts could continue with equity deals but they would face pressure to change how they deal with clients.

或者，信托公司可以继续股权交易，但它们将在压力下改变与客户打交道的方式。

Most trusts raise funds by selling high-yielding investment products to investors, who perceive them as carrying the safety of a fixed-income product.

大多数信托公司通过向投资者出售高收益投资产品来筹集资金，而投资者认为信托公司承担着固定收益产品的安全。

If fake equity investors lack the seniority that creditors enjoy, trusts would in principle have to communicate this increased risk investors.

如果假股权投资者缺乏债权人所享有的优先权，信托公司原则上必须与这一风险增加的投资者进行沟通。
Donald Trump has threatened to abandon US efforts to restore trade and diplomatic ties with Cuba unless Havana makes new concessions, setting the stage for a clash with a US business community eager to exploit the opening up of the island economy.

唐纳德.特朗普(Donald Trump)威胁称，除非古巴做出新的让步，否则将放弃美国恢复与古巴的贸易和外交关系的努力，此举似乎将引发一场与美国商界的冲突，后者渴望利用这个岛国经济的开放。

If Cuba is unwilling to make a better deal for the Cuban people, the Cuban/American people and the US as a whole, I will terminate deal, Mr Trump tweeted yesterday, responding to a debate set off by the death on Friday of former Cuban leader Fidel Castro.

如果古巴不愿为了古巴人民，古巴/美国人民和美国作为一个整体达成一项更好的协议，我会终止协议，特朗普昨日在Twitter上发消息称，回应了上周五古巴前领导人菲德尔.卡斯特罗(Fidel Castro)去世引发的辩论。

The threat to unwind years of work by President Barack Obama to restore normal relations with Cuba drew a plea from business leaders for the president-elect to take a more considered view.

放弃现任总统巴拉克.奥巴马(Barack Obama)恢复与古巴正常关系的多年努力，这一威胁让商界领袖恳请这位候任总统采取更加深思熟虑的看法。

We’ve now gotten to a point where we have an embassy and we have commercial flights that are starting [and] US companies managing hotels [in Cuba].

我们现在已经达到这样一个阶段，我们有了大使馆，我们的商业航班正在开通，美国企业（在古巴）管理着酒店。

To unwind all of that and go back to the Cold War would be a shame, former commerce secretary and Kellogg chief executive Carlos Gutierrez told the FT.

放弃这一切，回到冷战状态，会令人感到惋惜，曾经担任美国商务部长的家乐氏(Kellogg's)首席执行官卡洛斯.古铁雷斯(Carlos Gutierrez)告诉英国《金融时报》。

With the backing of powerful agricultural and business lobbies Mr Obama has been pushing since 2014 for a resumption of normal relations with Cuba and in March became the first American president to visit the island in almost a century.

在强大的农业和商业游说集团的支持下，奥巴马自2014年以来一直在推动美国与古巴恢复正常关系，并在今年3月成为近一个世纪以来首位访问这个岛国的美国总统。

In a sign of the changes under way, air carriers JetBlue and American Airlines yesterday flew their first regularly scheduled flights between New York and Havana.

改变正在发生的一个迹象是，航空公司JetBlue和美国航空(American Airlines)昨日开通纽约和哈瓦那之间的定期航班。

There has also been a procession of business delegations to Havana, with a trip organised by the US Chamber of Commerce this month including representatives from companies such as Dow, and GE.

已经有一连串商业代表团到访哈瓦那，本月美国商会(US Chamber of Commerce)组织的一次古巴之旅包括陶氏化学(Dow Chemical)和通用电气(GE)等企业的代表。

But with Republicans in Congress continuing to resist calls for an end to a 55-year-old trade embargo, Mr Obama’s efforts to normalise relations with Cuba have depended on tweaks to regulations and executive orders he can implement without congressional approval.

但由于国会中的共和党人继续抵制解除持续55年的贸易禁运的呼吁，奥巴马恢复美国与古巴正常关系的努力依赖于无需国会批准就可实施的法规调整和行政命令。

Mr Gutierrez said the result of this month’s election, which saw influential Cuban-American legislators such as Marco Rubio re-elected, meant resistance to lifting an embargo was likely to grow stronger.

古铁雷斯表示，在本月的选举结果中，马尔科.鲁比奥(Marco Rubio)等有影响力的古巴裔美籍议员重新当选，意味着对解除禁运的抵制有可能变得更强。

That meant Mr Trump would hold the key for a business community that wants the US to continue its efforts to open up the Cuban market.

这意味着，对希望美国继续努力打开古巴市场的商界来说，特朗普掌握着钥匙。