The Legislative Council's Finance Committee has approved some $1.25-billion interest-free loans for four post-secondary institutions to build campuses at new sites to be granted by the Government.

The new campuses will provide a total of about 9,000 additional post-secondary student places upon their scheduled completion between 2006 and 2008.

The new developments will be located at:

* Hunghom Bay (Hong Kong Polytechnic University);

* Kowloon Bay (University of Hong Kong);

* Shek Mun, Sha Tin (Hong Kong Baptist University); and

* Area 73B, Tseung Kwan O (Caritas Hong Kong).

This will enhance the quality of self-financing post-secondary programmes, improve the learning environment, and provide a more complete campus life for students.

The Government launched an application exercise for the grant by private treaty of five sites for the construction of purpose-built premises for non-profit-making post-secondary education providers in December last year, and concurrently invited applications for start-up loans to finance the construction costs.

A total of 11 applications were received from nine post-secondary education providers at the close of application on February 28.

On the advice of an independent selection committee, the Secretary for Education & Manpower decided that four applicants should be earmarked as the prospective grantees for four sites. 

The initial term of the land grant will be for 10 years at a nominal premium.

Regarding the application for the Tseung Kwan O Area 56 site, the selection committee did not recommend accepting the application as it failed to meet the selection criteria for the land-grant scheme.