Victoria Shanghai Academy, an international school in Hong Kong’s Aberdeen district, said it has sold 40 corporate debentures worth a combined HK$100 million (US$12.9 million), Sing Tao Daily reported Monday.
The money, which was raised within two weeks of the debentures being released, will be used to expand the school campus and beef up an international baccalaureate (IB) curriculum, Maggie Koong, deputy supervisor of the academy, was quoted as saying.
Koong said expats give priority to their children’s eduction when moving to Hong Kong. Also, many domestic companies buy debentures as a benefit for senior executives.
However, places in the academy are not guaranteed although debenture holders receive more interview opportunities.
“They [students] still have to meet certain requirements. They get a second chance if their entrance examination results are not satisfactory,” Koon said.
The school offers tutorial to these students, especially in english and mathematics.
The school will spend HK$140 million to build another floor in its main building, adding 10 classrooms and a lift, for its international degree program, the report said.
In the past three years, all of the school’s IB graduates were admitted to university, with one-third going to local schools and the rest to overseas institutions such as Oxford and Cambridge.
The school normally admits students to primary one from its six kindergartens. “We only have 196 primary one places but there are over 700 graduates from our six kindergartens every year,” Koon said.
Places for students from other kindergartens are fewer than 10 each year, the report said.
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