Xu Jiayin, founder and chairman of Evergrande Real Estate Group, visits Evergrande Wonjin Beauty Hospital in Tianjin on April 22.

Evergrande Real Estate Group, controlled by Chinese billionaire Xu Jiayin, has made a splash in the cosmetology industry after it entered into a partnership with South Korea's Wonjin Beauty Medical Group to open a beauty hospital in Tianjin.

The partnership came after the developer announced its entry into the medical beauty industry through its HK$950-million takeover of the Hong Kong-listed New Media Group in March.

In April, New Media Group agreed to acquire a 96.25 percent equity in the Tianjin beauty hospital. The hospital is the second opened by Evergrande after it set up a medical beauty and anti-ageing center in Boao, Hainan last month.

Evergrande's plan to enter the beauty industry is bolstered by a booming market in China. In 2014, China's beauty industry earned 510 billion yuan (US$85 billion) and the figure is estimated to rise to 850 billion yuan by 2018.

The Guangzhou-based developer is diversifying into various sectors including soccer, bottled water and dairy products.

Aiming to build Asia's largest beauty clinic, the hospital will use information technology to provide one-stop beauty care, plastic surgery and anti-ageing services, complete with the best beauty equipment.

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