US schools, desperate for cash, are selling out to Chinese buyers

For many schools, the choice is dire: sell or shut down.

New York Weekend Edition /
Mar.March 25, 2018 09:00 AM

(Credit: ajari/Wikimedia Commons)

Cash-strapped schools are increasingly turning to Chinese buyers to help keep their doors open.

In Princeton, New Jersey, Westminster Choir College has lost $10.7 million since 2015 and its affiliated university, Rider University, was been downgraded by Moody’s to a negative outlook in November, which laid the ground work for the school’s sale to Chinese company, Beijing Kaiwen Education Technology, for $40 million this February, reports Bloomberg.

Though faculty and students worry about what their new buyers will do in the long-term to the prestigious institution, more and more financially precarious schools are making a similar choice.

“Absolutely you will see more of these,” Kent John Chabotar, of education consultant MPK&D, to Bloomberg. “It’s the only way some of these places will survive.”

The Westminster deal is the fourth deal of its kind — with an U.S. institution and a Chinese company — since 2015. [Bloomberg]Erin Hudson


Related Articles

arrow_forward_ios
CBRE's Emma Giamartino and Bob Sulentic (CBRE, iStock)
Flush with cash, CBRE is ready to spend
Flush with cash, CBRE is ready to spend
GCP CEO Alan Yang (Getty, GCP)
GLP raises $2.3B for logistics property fund
GLP raises $2.3B for logistics property fund
Alphabet CEO Sundar Pichai and Twitter CEO Jack Dorsey (Getty)
Twitter, Google latest big companies to delay office returns
Twitter, Google latest big companies to delay office returns
Durst Organization CEO Douglas Durst (Getty)
Durst to fire unvaccinated corporate employees Sept. 6
Durst to fire unvaccinated corporate employees Sept. 6
Converting offices to lab spaces comes with challenges, as some spaces need specific ventilation and upgraded electrical facilities (Getty)
Conversions from offices to life science labs booming
Conversions from offices to life science labs booming
132 West 14th Street and KPG’s co-founders Rod Kritsberg and Gregory Kraut (Avison Young, KPG)
KPG signs long-term ground lease for 57K sf at 132 West 14th Street
KPG signs long-term ground lease for 57K sf at 132 West 14th Street
Paramount Group lost $16 million last quarter
Paramount Group posts $16M quarterly loss
Paramount Group posts $16M quarterly loss
Commercial property sales outpace pre-pandemic figures in Q2
Commercial property sales outpace pre-pandemic figures in Q2
Commercial property sales outpace pre-pandemic figures in Q2
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...