Like Tree43Likes

Education Bureau slammed for allowing Hong Kong’s private schools to charge millions for priority enrolment

Reply
Page 2 of 4 FirstFirst 1 2 3 4 LastLast
  1. #11

    Join Date
    Oct 2010
    Posts
    19,633
    Quote Originally Posted by Andy SNK
    Should they go public and sell share in the stock market to raise capital?
    Given they are non profit making entities it's hard to see who would want to own them.. The best way to profit from these schools is to work for one and enjoy very high salaries compared to teachers in other locations.

  2. #12

    Join Date
    Dec 2002
    Location
    ???
    Posts
    30,795
    Quote Originally Posted by TheBrit
    No no no, our guru freeier says schools don't recieve any subsidy from the Government so this can't be true. The alternative is that he is talking bollocks, and I refuse to believe that.
    The lines are getting blurred. Some new schools have leased commercial premises and have no subsidy from the govt. (There is one in our neighbourhood that has leased several floors from Link REIT in a mall...).

    Also, the govt offers land and limited construction subsidy & if you're building to international standards - it is far short of what is required to build a full facilities international school. Even refurbing an old local school as a new international school is EXPENSIVE.
    chingleutsch likes this.

  3. #13

    Join Date
    Oct 2014
    Posts
    2,681
    Quote Originally Posted by Andy SNK
    Should they go public and sell share in the stock market to raise capital?
    There are a few of the newer international schools that are owned by private equity companies. I assume some will list in the medium term.

  4. #14

    Join Date
    Jul 2004
    Posts
    3,420

    Some fun facts..

    A company of which Executive Council member Bernard Chan is a director has been granted a piece of land in Tseung Kwan O for HK$1,000 to build a new international school. The move sparked controversy as Chan failed to declare his affiliation with the company.

    Chan said that the school may charge students HK$200,000 a year.
    https://www.hongkongfp.com/2015/08/2...ol-for-hk1000/
    jgl and junichitsuyo like this.

  5. #15
    jgl
    jgl is offline

    Join Date
    Aug 2006
    Posts
    10,215

    Some of them are certainly profit-making companies.

    https://finance.yahoo.com/quote/nord/

    junichitsuyo likes this.

  6. #16

    Join Date
    Oct 2010
    Posts
    19,633
    Quote Originally Posted by shri
    The lines are getting blurred. Some new schools have leased commercial premises and have no subsidy from the govt. (There is one in our neighbourhood that has leased several floors from Link REIT in a mall...).

    Also, the govt offers land and limited construction subsidy & if you're building to international standards - it is far short of what is required to build a full facilities international school. Even refurbing an old local school as a new international school is EXPENSIVE.
    Obviously some schools have better concessions than others. I'm sure if they were to be started from scratch, several of the older more prestigious schools wouldn't be occupying their current sites.

    The fact is, however, they are, and this is a massive ongoing Government subsidy to these schools. Ironically they are the worst offenders when it comes to debentures, levies etc...
    shri and merchantms like this.

  7. #17

    Join Date
    Jun 2019
    Posts
    2,349

    The EDB's response to the Ombudsman's criticism is very telling:

    “In order to meet the financial needs in relation to teaching and learning … some private schools may take out loans or implement fundraising schemes, such as debentures, capital levies and nomination rights. The EDB has noted that the modes of such fundraising schemes are becoming more diversified,” he added.

    The spokesman also said private schools have been playing a unique role in the provision of education in Hong Kong. “While we are mindful of the legal requirements when devising the regulatory mechanism, we would also take into account the situation and needs of the schools and be careful not to interfere excessively,” he said.


    In other words, the EDB ain't going to do jack about the absurd debentures and extra levies on top of the regular tuition fees. Because they like this system as it is.

    MABinPengChau likes this.

  8. #18

    Join Date
    Jan 2014
    Posts
    587

    which school charges "a one-off, non-refundable gold debenture of HK$3 million"?


  9. #19

    Join Date
    Jan 2018
    Posts
    2,481
    Quote Originally Posted by Coolboy

    In other words, the EDB ain't going to do jack about the absurd debentures and extra levies on top of the regular tuition fees. Because they like this system as it is.
    So now the schools will just seek "approval" to do what they have been doing all along. And EDB will rubber stamp all their debenture requirements, etc. and then they will be "approved" additional fees. And nothing will change...
    hongkong7 likes this.

  10. #20

    Join Date
    Jul 2004
    Posts
    3,420
    Quote Originally Posted by Coolboy
    In other words, the EDB ain't going to do jack about the absurd debentures and extra levies on top of the regular tuition fees. Because they like this system as it is.
    Is there any case where Ombudsman has ever been taken seriously particularly by HK Govt!!
    hongkong7, Andy SNK and shri like this.

Reply
Page 2 of 4 FirstFirst 1 2 3 4 LastLast