The founding supervisor of a heavily indebted independent school in Hong Kong has said she is meeting different investors and will try her best to keep it running after it failed to refund at least HK$6.2 million (US$797,380) worth of debentures to parents.
Xu Li, the founding supervisor of Han Academy in Aberdeen, said on Friday that she had held discussions with more than one investor for various sources of funding, including borrowing, donations and crowdfunding.
“We have possibilities in various ways, but pure borrowing might be more difficult,” she told the Post, adding that lenders might not have confidence in the school’s founding body, a charity with no shares or fixed assets.
Xu declined to reveal more details about the discussions with investors, adding that she looked forward to the results.
She said the school, founded in 2017 by the NGO Happy Life Education Foundation, used to receive HK$10 million in donations annually.
Lawmaker Edward Leung Hei, who has been helping some complainants, earlier said the school had told parents in a recent briefing that it was HK$100 million in debt.
