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 aims to settle outstanding payments to parents by the end of the next year with the help of a “white knight”.

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 notes 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.

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.