German conglomerate Siemens and hospital operator Asklepios Kliniken yesterday signed an agreement with Tongji University to jointly build a 1-billion-yuan Sino-German Friendship Hospital in Shanghai.

Tongji University will hold 46 percent of the shares and Siemens 40 percent. The first phase of construction is scheduled to be completed in 2009. It will start operations before the World Expo 2010.

"All partners contribute their individual core competencies: Tongji University adds its medical and scientific know-how; Siemens its expertise in structured finance, clinical workflow and hospital technology solutions; and Asklepios Kliniken its experience as an operator of more than 100 hospitals," said Wolfgang Bischoff, managing director of Siemens Project Ventures, the equity arm of Siemens and joint-venture partner of the Sino-German Friendship Hospital.