Latest news with #HanAcademy
RTHK
14-05-2025
- Business
- RTHK
Hope grows for private school debentures refund
Hope grows for private school debentures refund Some parents complain that Han Academy failed to repay them as promised after their children left the school. File photo: RTHK Parents who bought debentures at troubled private school Han Academy will get their money back by the end of this year, according to its founder. A group of parents filed complaints with the police in December, saying Han Academy had failed to repay them as promised after their children left the Wong Chuk Hang school. According to the institution's website, parents who enroll their children from the 2020-21 academic year must join a capital contribution scheme. One of the options was a debenture of HK$600,000, with HK$45,000 deducted every year and the remaining amount refunded when the student leaves the school. School founder Xu Li said in a social media post that a white knight investor has stepped in and debt restructuring is proceeding at Han Academy. The school's operating body has made four installment payments to its creditors and is expected to fully repay all debentures purchased by parents of former students by the end of this year, she said. Police said they had received 19 complaints regarding the issue as of Monday, involving HK$21 million in total. The case is listed as request for police investigation, and no arrests were made. In response to media enquiries, the Education Bureau said it has been monitoring the school's operating and financial situation. It noted it has urged the school to properly handle parents' enquiries, warning that it will take serious follow-up action if the school was found to have made false statements.
South China Morning Post
14-05-2025
- Business
- South China Morning Post
Hong Kong's Han Academy aims to repay parents after ‘white knight' steps in
A debt-ridden independent school in Hong Kong has said it aimed to settle outstanding payments to parents by the end of the next year with the help of a 'white knight'. Advertisement Xu Li, the founding supervisor of Han Academy, said on social media on Tuesday that a financial rescuer had stepped in and that the institution was actively pursuing debt restructuring with four repayment instalments being made to debtors by April 29. She added that parents of all former students would have their capital levy repaid by the end of this year, while all first-hand capital note certificates would be redeemed by the end of 2026. She expressed gratitude to all those who had supported the school. 'We will continue to run the school with our hearts, and give back to society with quality education,' Xu said. Advertisement Founded in 2017, Han Academy in Wong Chuk Hang is a private school operated by the Happy Life Education Foundation. According to the Education Bureau, annual tuition fees range from HK$198,000 (US$25,400) to HK$218,000 for students in Years One to 13.
