CUHK hospital to repay HK$4 billion public loan early, drawing on growing reserves

University’s council chairman says Health Bureau informed of early repayment proposal for 2016 loan to non-profit-making private teaching hospital The Chinese University of Hong Kong (CUHK) will dip into its reserves to repay a HK$4 billion (US$510.9 million) government loan owed by its debt-ridden private hospital, the institution’s council chairman has said. The finances of CUHK Medical Centre were on the agenda of Friday’s Legislative Council health panel meeting, but the discussion was rescheduled because the time was used up for other matters. Speaking to media after the meeting, council chairman John Chai Yat-chiu said his institution raised the early loan repayment proposal with the Health Bureau last month. “The extension of the repayment period approved last year has granted us the necessary breathing room to optimise our governance and operations, and I’m pleased to report that we have seen a turnaround,” he said. “At the same time, the returns from the university reserve fund have performed well over the past two years and led to an increase in our reserves.

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