International schools become hot property in Hong Kong
Agents say there’s a growing demand for private education in Hong Kong, especially from the mainland, which means a rise in need for appropriate space
Demand for privately owned international schools is expanding fast in Hong Kong, leading more developers and investors to view the education sector as an growing alternative source of income.
John Mortensen, regional director for health care and education services at JLL, now believes there are as many 15 education providers looking for space to expand their operations or set up new campuses in the city.
“At least six international schools have approached us,” he said, “some with strong financial backing from institutional investors, meaning they are interested in buying premises, rather than just leasing”.
“Some are old British schools, with more than 200 years of history,” he added, but there is also growing interest from the US, Canada, Australia and New Zealand operators.
The expansion has gained speed since the government stopped allocating sites for international schools in 2015.
That policy shift was based on a government study which highlighted there has been no shortage of international school places for foreign passport holders in recent years.