Kindergarten Diary: What’s a “Debenture?”
Red Lantern Diary: Seattleite’s dispatches from Hong Kong
Of all the things I thought would be difficult about living in Hong Kong - and being a parent in general - I never imagined that getting my daughter into preschool and then kindergarten would top the list. The word, “nightmare,” comes to mind as I go from school to school here, watching three year olds learn to read and write and making decisions that elicit disapproving emails from kindergarten admissions directors. Who would have thought? Then again, in this hyper competitive market, I shouldn’t have been surprised. In any case, I feel like I’ve been applying to schools since we first decided to move to Hong Kong two years ago, and that’s because in fact, I have been.
It all started two years ago, as we prepared for our move and I called my friend, Jen, who had previously lived in Hong Kong with three young children, to ask about preschools. At the time, Elisa was just over eighteen months old. She explained that in Hong Kong, children begin preschool at 2 years, 8 months, and the scramble to get into the “right” school was somewhat akin to an eighteen year old trying to gain access to Harvard.
Some international preschools are part of an elementary – or as they say here - primary school while others are standalone. Admission into primary school begins at age 3, 4, or 5, depending on the school. All require lengthy applications and many “assessments” where the children are scheduled into small group visits for testing and observation. This usually happens between two and two and a half years old. If a child cries or clings to a parent, he is automatically disqualified.
After applying to several preschools and being placed on waiting lists, we eventually decided on several criteria: we chose to avoid schools that required an assessment on the grounds that this was not something we desired for our daughter at two years old; we would not consider at so young an age enrollment in a preschool that was part of a primary school; we did not want our daughter in an academic environment where she would be learning to read and write at 3; and we wanted a school with a nice outdoor area to play. With this in mind, one school ermerged as our first choice. We sent in our applications, held our breath, and waited.
In the meantime, I enrolled – after clearing another wait list – in a mommy/baby program at one of the schools. I hoped to gain insight into this crazy process and make new friends. I started the program relieved, believing that although I had not yet secured a spot in our preferred preschool, I had completed all my applications and there was nothing further I could do.
My relief was ephemeral. Within weeks, concerned mothers began asking me where I had submitted applications for Primary school. I was surprised and told them Elisa was just two. They laughed at my innocence and explained that in Hong Kong, schools allow kindergarten applications from birth and that in fact, two was already a bit late. They then asked me where my husband’s firm maintained a “debenture.”
It was the first time I had heard this word. I soon learned that “debentures” are long-term debt instruments sold to parents and companies by schools to raise funds for capital projects. Families and employers are able to purchase them to leapfrog other students in the application process. At the Chinese International School (CIS), one of the well-respected schools in Hong Kong, a debenture, or as the schools calls it, a corporate nomination right, costs HK$600,000 (roughly US$80,000), and 11% of their students attend under this scheme. A scandal last summer revealed that Chinese International School debentures were being sold on the second-hand market for HK$3 million.
Many companies purchase and then offer debentures to employees as an enticement to work in Hong Kong. Unfortunately, my husband’s firm does not. So, we joined those families applying for the remaining open spots. However, this does not spare us from additional admission fees. As part of the application, non debenture parents must agree to pay an “individual nomination right” for the bargain price of - again I’ll use CIS as an example - HK$75,000 (approximately US$10,000). The school holds this non interest bearing sum until the day your child graduates or withdraws from the school, when it is refunded to parents.
At this point, any sensible person would take a another look at local schools. “What is the harm in learning a little Cantonese?” I asked myself. Why not simply bypass the international schools that - due to shortages in space - left over 300 children without any school at all last year? Well, as it turns out, Chinese schools are no picnic either. Children begin academic studies in a primary school at 3 and by age 5, it is not unusual for them to be doing homework until 11 pm. One of my Chinese friends told me of several children she knew who had suffered from stress undergoing the intensity of local schooling. Their parents had sensibly moved them to the kinder, gentler, international system.
The academic rigor of local schools may be justified by the complexity in learning to read and write Cantonese, but still, I didn’t want my daughter doing 6 hours of homework at night at the tender age of 5. And so my saga continued as I began to call, one by one, the international schools and make appointments to tour the schools.
Source: seattlepi.com Mariners blog
http://blog.seattlepi.nwsource.com/redlantern/archives/135493.asp?from=blog_last3