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6.5 The Government interest-free Loan HK$ 66.6 million

Top level Canadian International School Chapter 6 - Fund-Raising and Funding for building the campus at Nam Long Shan Road

In order to assist the building of the campus at the Site, the Hong Kong government was prepared to grant an interest-free loan in the sum of HK$ 66.6 million to CDNIS.

One of the conditions for granting the loan was that CDNIS was required to pledge its ˇ§not yet built facilityˇ¨ as security. The original Land Grant relating to the Site restricted CDNIS from pledging such assets.

The awkward situation was finally resolved upon the government graciously agreeing to remove the restriction and to allow for such an arrangement.

The loan is effectively a long-term financing of funds to be repaid over a period of 10 years.

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