Article from LCMS-run newspaper last month also quotes church’s CFO as saying revenue boost needed to prevent ‘significantly deepening deficits’
A US-based church suing the Hong Kong International School (HKIS) for breaching an operating agreement sold three properties in the city for a combined US$22 million in 2019 to pay its debts, according to its official media platform.
The move prompted Hong Kong’s Lutheran church to suspend its partnership with the Lutheran Council–Missouri Synod (LCMS) that year, with the local group saying at the time that the sale had gone against donors’ wishes and it reserved the right to take legal action.
Last month, the US church warned of a deepening deficit over time if there was no significant boost in revenue.
The missionary organisation, which co-founded HKIS in 1966, has sued the Hong Kong International School Association Limited (HKISAL) for allegedly violating the operating agreement.
