Bloomberg News service reported that Chinese companies are purchasing cash-strapped US universities and that four universities have already been purchased. Beijing Kaiwen Education Technology Co. agreed in February 2018 to pay US$ 40 million for Westminster Choir College, an affiliate of Rider University that trains students for careers as singers, conductors and music teachers. Westminster is at least the fourth college site bought by Chinese interests since 2015. In November 2017, Beijing-based Ambow Education Holding Ltd. announced the purchase of Bay State College in Boston for an undisclosed sum. An affiliate of NCF Capital Ltd. agreed in August 2017 to pay about US$ 26 million for the former home of Dowling College in Oakdale, New York. Hong Kong-listed HongDa Financial Holding Ltd. then bought 51 percent, according to a filing with the Hong Kong stock exchange. In 2015, Jiahui Education bought the shuttered Chester College of New England and rebranded it Busche Academy, an international school for elementary- and high-school students. US analysts say that US schools and universities are facing a financial crunch and will be open to offers by Chinese companies. The US Administration may, however, block purchases of certain colleges like Westminster on national security grounds because Princeton-based organizations do work for the defense and intelligence communities.
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