CFCG and Deyang Municipal Government
Join Hands to Build International Education New Town to Support Upgrade of Education Industry


China First Capital Group Limited (“CFCG”, stock code: 1269) signed a strategic cooperation framework agreement with the Deyang Municipal Government in Sichuan province to build the China (Deyang) Splendid Horizons International Education New Town (the “Education Town”) at Sichuan Deyang (Hong Kong) Investment Promotion Conference and Project Signing Ceremony held at Island Shangri-la Hong Kong today. Commanding an investment set to date of RMB 30 billion, the project is on an about 15,000-mu site and has a gross floor area of about 10 million square meters (inclusive of areas for education, residential and commercial use) and can accommodate up to about 150,000 students.   

According to the agreement, CFCG will be responsible for helping the Deyang Municipal Government with financing, raising all the funds necessary for building the Education Town and bringing into it the resources of several dozen high-end schools in and outside China. Within six months after the agreement is signed, CFCG shall appoint an international consultancy firm to carry out studies on the positioning, planning and design of the Education Town. The Group and the Deyang Municipal Government shall also jointly complete preliminary works including project planning, preparation for construction and bringing in talent for the Education Town, with basic construction expected to be completed in three years and all construction in five years.

Dr. Wilson Sea, CFCG Chairman and Executive Director, together with the management of CFCG welcomed a delegation of seven from Deyang led by Mr. Feng Fagui, Deputy Mayor of Deyang at CFCG’s Hong Kong headquarters on the day before this agreement was signed. On the base of strong existing communication, the two parties had in-depth discussion about the development strategy of the Education Town and cooperation solutions. During the meeting, Mr. Feng related the development status and goals of Deyang. He pointed out that Deyang, as an important industrial city in Sichuan province, boasts the third highest total economic output and growth in the province and is currently embarking on innovative reforms on all fronts and social and economic integration with Chengdu, giving the city a historical opportunity to transform and develop. In the future, Deyang will focus on perfecting its different functions and shape itself into a city ideal for people to live and conduct business and developing her education sector is one of its priorities. Deyang is the country’s test ground for integrated reform of advanced career education and a vocational training base in western China. Building an education new town there boosts quality specialized education and application-oriented vocational training, which aligns with international standards, and will turn the city itself and other cities in western China into a place attracting and nurturing talent, helping to boost growth of the working population and society and the economy in the region. As the development of the Education Town is significant for Deyang, the city’s government will actively support the project and provide it with various services including offering incentives to attract talent and launching favorable policies.  

Focusing on education-related investment, CFCG has been looking for potential-rich projects in countries with abundant education resources such as the United States of America, the United Kingdom, Australia and Singapore to invest in, the aim of which is to bring together and integrate famous education brands in Mainland China and from overseas and replicate successful educational models. Further, by applying its post-investment management strengths, it seeks to realize the most synergies in terms of curriculum, techniques, branding, finance and management for the education projects it has invested in or is working on in cooperation with others, that the overall value of its programs to meet the imminent need for quality education of more students.   

Speaking at the project signing ceremony, Dr. Sea said,” The ‘Promotion of Private Education Act’ recently passed in China has opened huge room of development for the private education sector, including in particular pre-school education, higher education, vocational training and online education. Places are hard to find in renowned schools in China, the fundamental reason being there is a serious shortage of high-end education provision and resources are unevenly distributed, particularly in western China. The aim of the Education Town project is not only to put together an education campus, but also to build an education town with unique attributes, shaping Deyang into a knowledge industry center. Neighboring Chengdu, the sixth core city of national stature in China, Deyang has superb development potential, and building the Education Town in the city with such promising prospects is in line with the city’s development aspiration of bringing in high-end education to help drive the city’s functional capability and economic growth.

CFCG has been actively identifying and investing in quality education projects, both academic and non-academic, around the world. In addition to the projects announced earlier, including Virscend Education, Kunming Professional College of Arts and Jinan Century Yinghua Experiment School, the Group recently invested RMB350 million in Xishan Schools. Furthermore, it is committed to bringing in international education resources for the mainland education industry. The Group is currently liaising with several internationally renowned schools on cooperation, including the plan to join hands with the elite Kingswood School from the UK to set up Kingswood International Schools in China, and in talks with such as the Moller Centre of Churchill College at Cambridge University and West London University on joint projects, etc. The Education Town development gives CFCG a good opportunity to integrate and pool and line up high-end education resources.      

According to Mr. Yan Haiting, President of CFCG, the development concept and scale of the Education Town fit in perfectly with the Group’s overall development strategy and principles. The management believes the joint development effort with the Deyang Municipal Government will enable the Group to perfect its complete industry chain layout and elevate its international brand reputation and influence. In the future, the Group will strive for presence of schools with international fame in the Education Town, with an emphasis on vocational training and nurturing of quality attributes. By employing advanced design principles and planning for function, the Group will turn the China (Deyang) Splendid Horizons International Education New Town into a unique center well-known within and outside China where talent gathers and is ideal for schooling as well as for living.