A private report said Australia saw the largest hospital mergers and acquisitions (M&A) initiated by Chinese investors in overseas markets during the past five years.

The value of China-initiated hospital M&As in the country totaled 13.38 billion yuan (about 2 billion U.S. dollars) during 2013-2018 period, accounting for more than half of the total, global accounting and consultancy firm PwC said Monday in a report.

Australian hospitals boast advanced medical technology, and its policy environment was favorable for acquisitions, prompting some mega deals during the past several years, said Leon Qian, a PwC partner.

The report also showed Hong Kong saw 22 such deals during the period, which was the highest among markets outside the Chinese mainland.

After hitting a record high in 2016, overseas hospital M&As by Chinese companies somewhat retreated in the past two years and will likely continue a stable trend this year, Qian said.