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$420 million Loans Approved for Post-secondary Education Providers

     The Finance Committee of the Legislative Council approved today (June 19) interest-free loans totaling around $420 million to three post-secondary institutions to build or refurbish campuses at sites to be allocated by the Government.

     A spokesman of the Education Bureau (EDB) said : "The Government launched the latest round of the Start-up Loan Scheme and the Land Grant Scheme in November 2008.  Subsequent to the Phase Two Review of the Post-secondary Education Sector, the two Schemes have been modified to gear towards quality enhancement."

     "The modified Schemes aim to help non-profit-making post-secondary education providers to enhance teaching and other ancillary facilities, and re-provision existing college campuses operating in sub-optimal environment."
     A green field site at Tuen Mun east and four vacant school premises were included in this round of exercise.  Seven applications were received for three of the identified vacant school premises. No application is received for one of the vacant school premises and one application was received for the Tuen Mun east land site.  

     On the advice of an independent Selection Committee, comprising six non-officials (including the Chairman) and one official member, the Secretary for Education decided that four applicants should be earmarked as the prospective operators for the concerned sites.  The initial term of both the land grant and the allocation of vacant school premises will be for 10 years, at nominal premium and nominal rent respectively.

     The concerned sites and the prospective operators are as follows:

Site                  Prospective Operator

Land site at Tuen     Chu Hai College of Higher
Mun East              Education

Ex-premises of Kwong  HKU SPACE Community
Yuet Tong Excel       College
Foundation Primary
School, Pok Fu Lam

Ex-premises of Ho     Hong Kong College of
Fai Primary School    Technology
(Sponsored by Sik Sik
Yuen), Ma On Shan

Ex-premises of PLK    Hong Kong Art School
Ho To Shui Hing
Primary School, Shau
Kei Wan

     The EDB spokesman reiterated that allocating land and vacant school premises to post-secondary education providers to reprovision existing college campuses operating in sub-optimal environment demonstrated the Government's commitment towards enhancing the quality of post-secondary education.

     "The proposed land grant to the Chu Hai College of Higher Education also demonstrates Government's support for the development of self-financing degree-awarding institution," the spokesman added.

Ends/Friday, June 19, 2009
Issued at HKT 20:04


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