DOCSLIB.ORG

China Education Hotels / Leisure / Initiation of Coverage

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
China Education Hotels / Leisure / Initiation of Coverage Deutsche Bank Markets Research Asia Industry Date China 4 January 2018 Consumer China Education Hotels / Leisure / Initiation of Coverage Gaming Tallan Zhou Karen Tang Research Analyst Research Analyst Bright future (+852 ) 2203 6464 (+852 ) 2203 6141 [email protected] [email protected] K12 after-school tutoring is a secular growth sector Top picks We analyze the supply/demand condition of China's K12 after-school tutoring New Oriental (EDU.N),USD101.57 Buy market and conclude the sector will likely see secular growth in the next five TAL Education (TAL.N),USD29.71 Buy years. We believe positive demographic growth, an increased number of Source: Deutsche Bank wealthy families, and greater education awareness are the demand drivers. However, China's supply of top universities is still insufficient and the Companies Featured admission rate remains low. This has led to surging needs for after-school tutoring services. We forecast the K12 tutoring market to see a 13-14% CAGR New Oriental (EDU.N),USD101.57 Buy in 2017-22E, assuming: 1) K12 students see a CAGR of 3%, 2) tutoring 2017A 2018E 2019E penetration rate climbs 2.5% p.a.; and 3) ASP rises (like-for-like basis) 5% p.a. P/E (x) 26.3 42.0 33.6 EV/EBITDA (x) 17.0 33.6 25.3 More demand for education in the long term Price/book (x) 6.7 7.8 6.4 China’s Gaokao (college entrance exam)-takers as a percentage of the newborn population increased to 65% in 2016 from only 25% in 2002, while TAL Education (TAL.N),USD29.71 Buy the birth rate remained unchanged at 0.11-0.12%. However, we now see 2017A 2018E 2019E newborns increasing from 2016, thanks to the government’s two-child policy. P/E (x) 36.8 77.5 52.6 (1.3m more newborns in 2016). Besides the positive demographic drive, more EV/EBITDA (x) 28.1 66.2 39.7 Price/book (x) 10.4 18.4 13.3 middle-class families are increasing spending on K12 tutoring for children. Per Source: Deutsche Bank capita consumption on education has tripled in Beijing, Shanghai and Jiangsu in the past decade amid increased education awareness, with more families investing in education, in order for their children to get into top universities. … but the reality is: China’s supply of top universities is still insufficient Admission rates into top universities (Project 985 and 211 universities) remain low at less than 3% on average. Although students from tier 1 cities such as Beijing/Shanghai/Tianjin have a higher admission rate, the rate is declining. Beijing’s admission rate to the Project 211 and 985 universities declined to 8% in 2016 from 10.6% in 2013. The intensified competition seen in Gaokao has resulted in strong competition from primary school entry exams to high school entry exams, with significant records showing students from “key schools” have a much higher possibility of being admitted into top universities. Consequently, this unbalanced supply/demand creates a huge demand for after-school tutoring, as public school education alone is perceived as insufficient for average K12 students. Valuation and risks We initiate Buy on EDU (New Oriental) (target price USD116) and TAL (target price USD35). EDU and TAL are leaders in the K12 tutoring market but they only account for less than a combined 4% market share. We expect them to grow share robustly, and believe they will penetrate into lower tier cities to increase their total market share. Our valuation is based on DCF, because K12- tutoring is a strong cash flow business with visible and stable growth. We also cross-check our DCF-based valuation by PEG. Risks include: 1) change of policy; 2) disease outbreak; and 3) aggressive network expansion. ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong Distributed on: 04/01/2018 07:54:27 GMT Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 083/04/2017. 7T2se3r0Ot6kwoPa 4 January 2018 Hotels / Leisure / Gaming China Education Investment thesis K12 tutoring is a secular growth sector Our key thesis We believe the boom in China’s K12 tutoring market will continue in the next five years due to: 1) increased birth rates, thanks to the new “two-child policy”; 2) competition remaining intense, as admission rates into top universities (Project 985 and 211 universities) are still low; and 3) the number of wealthy families continues to grow, leading to increased consumption on education expense per family. Initiating TAL and EDU with Buy We initiate with a Buy on TAL and EDU. TAL and EDU are leaders in the K12 tutoring market but only account for less than a combined 4% market share. We expect them to grow share robustly, penetrating into lower tier cities to increase their total market share. Figure 1: Valuation comp sheet for HK/US listed education names Current Market cap Next Yr DB Ticker English name Chinese name price (USD m) Current Yr Next Yr EV/EBITDA Recomm. EDU US Equity EDU 新東方科技教育集團 92.19 14,508 40.7x 30.1x 19.4x BUY TAL US Equity TAL 好未來教育集團 29.29 14,725 76.4x 47.2x 34.1x BUY HK listed education 1569 HK Equity MINSHENG EDUCATI 民生教育 1.53 827 15.9x 13.8x 8.8x NR 6169 HK Equity CHINA YUHUA EDUC 中國宇華教育集團有限公司 3.46 1,502 20.9x 17.7x 14.8x NR 2001 HK Equity CHINA NEW HIGHER 新高教集團 4.07 769 21.6x 16.0x 12.1x NR 6068 HK Equity WISDOM EDUCATION 睿見教育國際控股有限公司 4.48 1,176 24.0x 18.3x 13.3x NR 1565 HK Equity VIRSCEND EDUCATI 成實外教育 4.99 1,972 39.9x 27.4x 21.0x NR 1317 HK Equity MAPLELEAF EDU 楓葉教育 9.10 1,587 20.5x 17.1x 13.9x NR US ADR education REDU US Equity RISE EDUCAT-ADR RISE Education Cayman Ltd 12.55 688 47.7x 21.2x 15.4x NR FEDU US Equity FOUR SEASONS EDU 四季教育(開曼)公司 10.10 469 42.5x 20.4x 15.2x NR BEDU US Equity BRIGHT SCHOL-ADR Bright Scholar Education Hol 18.52 2,168 45.8x 30.4x 18.9x NR Source: Deutsche Bank; Bloomberg Finance LP; pricing as of 12/29/2017 Our forecast for the next five years We forecast the K12 tutoring market will enjoy a CAGR of 13-14% in 2017- 2022E. We expect enrollment and price to be the driver, with total market size growth driven by: 1) increased number of K12 students (at a CAGR of 3%), 2) rising tutoring penetration rates, which we believe will climb 2.5% p.a. (more K12 students to join K12 after-school tutoring classes), and 3) ASP increases (like for like basis) of 5% p.a. Gaokao penetration and positive demographic driver In the past 10 years, we have seen a stable birth rate in China. However, we have also seen an increasing number of Gaokao students. Gaokao’s penetration rate increased to 65% in 2016 from only 25% in 2002. In addition, the two-child policy started to take effect in 2016, one year after the policy was approved by the government. Page 2 Deutsche Bank AG/Hong Kong 4 January 2018 Hotels / Leisure / Gaming China Education China saw 1.3m more newborns in 2016 and we expect another 2-3m more newborns in 2017E. In the next five years, those who were born in 2016 would become the key consumers of pre-school or young children’s education. Intense competition to get a spot in top universities remains China’s general admission rate (59% in 2000 and 74.5% in 2017) for university/college has increased significantly in the past two decades. Unfortunately, only 3% of Gaokao students are admitted into top universities (universities from Project 985 and Project 211). Tier one universities’ admission rate is higher, at an average of 15%. Our channel checks further support our view that more parents intend to enroll their children in after-school tutoring from a young age (primary school students account for 59% of total), to prepare them for the three examinations before Gaokao: entrance examinations for primary school, middle school and high school. In most parts of China, middle schools are generally referred to as “key schools” or ordinary school. Students from these key schools usually have much higher potential to be admitted into for top/tier one universities. As a result, while the total number of primary school students has remained stable in the past decade, the number of students from top tier cities has continued to grow over the same period (more families are aiming to relocate to tier one cities), such as Beijing and Shanghai, etc. Increased number of wealthy families to drive “education consumption” China’s middle class has been rising quickly, as reflected in urban areas’ growing annual disposable income. The middle class believes receiving public school education alone is not enough for their children, and after-school tutoring will further improve their children’s examination ranking and admission rate. We believe middle-class families are willing to pay more for after-school tutoring than others. According to iResearch, c.60% of middle- class students actively attend tutoring classes and more than 62% of them attend two or more classes.
Load more

Recommended publications
  • China's Higher Education Reform 1998-2003: a Summary
    Asia Pacific Education Review Copyright 2004 by Education Research Institute 2004, Vol. 5, No. 1, 14-22. China’s Higher Education Reform 1998-2003: A Summary Li Lixu Shandong Normal University, P. R. China Profoundly important and unprecedented changes have taken place in China’s higher education since 1998, when Zhu Rongji Administration (1998-2003) decided to carry out a new round of educational reform. These changes include some breakthroughs in macro administrative system reform, growth in the total amount of educational expenditure, the enlargement of the recruitment scale of higher education, and positive changes in personnel, reward distribution and rear service reforms. The purpose of this paper is to offer a summary of these reforms. It discusses (1) the internal reasons for the reforms, (2) the main events and measures, (3) the main contents and achievements, (4) and the main problems of these reforms. Key Words: China, higher education, reform 1The system and model of Chinai’s higher education was In 1999, among all the employed of China, graduates of basically formed in the 1950’s and 1960’s in imitation of the two-year higher education and over only amounted to 3.8% of higher educational system and model of the former U.S.S.R. the total; that of senior middle school, 11.9%; that of junior in the 1950’s (Li, 2001). Thereafter, even up to the late middle school, 39.9%; that of primary school, 33.3%; and 1990’s, China’s higher education showed no tremendous those workers who were illiterate even amounted to 11.0% reforms or great changes in spite of some “minor operations.” (National Center for Education Development Research But, since 1998, when China faced the challenges of the [NCEDR], 2001, p.
    [Show full text]
  • EDUCATION in CHINA a Snapshot This Work Is Published Under the Responsibility of the Secretary-General of the OECD
    EDUCATION IN CHINA A Snapshot This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Photo credits: Cover: © EQRoy / Shutterstock.com; © iStock.com/iPandastudio; © astudio / Shutterstock.com Inside: © iStock.com/iPandastudio; © li jianbing / Shutterstock.com; © tangxn / Shutterstock.com; © chuyuss / Shutterstock.com; © astudio / Shutterstock.com; © Frame China / Shutterstock.com © OECD 2016 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgement of OECD as source and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to [email protected]. Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at [email protected] or the Centre français d’exploitation du droit de copie (CFC) at [email protected]. Education in China A SNAPSHOT Foreword In 2015, three economies in China participated in the OECD Programme for International Student Assessment, or PISA, for the first time: Beijing, a municipality, Jiangsu, a province on the eastern coast of the country, and Guangdong, a southern coastal province.
    [Show full text]
  • Growing Demand and Challenges Kuang-Ting Huang a Dissertation
    Remaking Chinese Planning as a Profession: Growing Demand and Challenges Kuang-ting Huang A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy University of Washington 2012 Daniel B Abramson, Chair Jeffrey Hou, Chair Kam Wing Chan Susan H. Whiting Program Authorized to Offer Degree: College of Built Environments University of Washington Abstract Remaking Chinese Planning as a Profession: Growing Demand and Challenges Kuang-ting Huang Chair of the Supervisory Committee: Associate Professor Daniel B. Abramson Department of Urban Design and Planning Associate Professor Jeffrey Hou Department of Landscape Architecture Since China initiated its pro-market reform in 1978, the way Chinese cities are governed has undergone a profound change. Central to such change is the fundamental revival of urban land as economic assets, because of which making plans for future land use has become an increasingly important government function and therefore the practice of urban planning (chengshi guihua) has begun to expand and take shape as a profession. However, with the expansion and professionalization of Chinese planning, there is also a growing criticism against the way urban planning has been developed into a development- and profit-driven profession. This dissertation thus aims to examine the evolutionary process of Chinese planning, through which the key factors causing such contradictory development are identified: First, since the 1994 tax sharing reform, the government at the local level has been put under intense pressure to increase its reliance on land transfer revenue and pursue land development. Increasingly, the role of urban planning has been limited to serving as a tool to facilitate the process, leaving other concerns largely unaddressed.
    [Show full text]
  • Minority Language Issues in Chinese Higher Education: Policy Reforms and Practice Among  the Korean and Mongol Ethnic Groups 
    Front. Educ. China 2016, 11(4): 455–482 DOI 10. 3868/s110-005-016-0037-0 RESEARCH ARTICLE Weiyan XIONG, W. James JACOB, Huiyuan YE Minority Language Issues in Chinese Higher Education: Policy Reforms and Practice among the Korean and Mongol Ethnic Groups Abstract The purpose of this study is to compare Korean and Mongol minorities in the People’s Republic of China in terms of their native language preservation and educational experiences at the higher education level, and to investigate differences and similarities between Korean and Mongol minorities’ language issues. Content area experts on Chinese minority education from China, South Korea, and the United States were interviewed for this study. Findings include suggestions for helping to formulate government educational policies regarding issues related to language in Chinese minority education at the higher education level. This information is helpful to better understand and educate others in school and home settings where Chinese ethnic minority students reside. The advancement of Chinese minority education knowledge related to higher education will significantly strengthen and empower individuals, families, and communities throughout the People’s Republic of China. Keywords ethnic minority education, Chinese higher education, Korean Chinese, Mongol Chinese, indigenous education Background The genocide of indigenous languages has become a global phenomenon under the intensifying trend of globalization (e.g., Fernandes, 2012; Landweer, 2012; * This paper is primarily based on the findings of the Ethnic Minority Trends in Chinese Higher Education Project, which is housed at the University of Pittsburgh Institute for International Studies in Education. Weiyan XIONG (),W. James JACOB, Huiyuan YE Institute for International Studies in Education, University of Pittsburgh, Pittsburgh, PA 15260, USA E-mail: [email protected] 456 Weiyan XIONG, W.
    [Show full text]
  • Eastern Coastal Region, Family and Individual in Higher
    HIGHER EDUCATION CHOICES AND DECISION-MAKING A Narrative Study of Lived Experiences of Chinese International Students and Their Parents Vivienne jing Zhang A thesis submitted to AUT University in fulfilment of the requirements for the degree of Doctor of Philosophy (PhD) April 2013 ii TABLE OF CONTENTS TTITLE PAGE ........................................................................................................................... i TABLE OF CONTENTS ........................................................................................................... ii LIST OF TABLES ...................................................................................................... ……. iviii ATTESTATION OF AUTHORSHIP ........................................................................................ x ACKNOWLEDGEMENTS ...................................................................................................... ix ABSTRACT ............................................................................................................................. ixi CHAPTER 1 SETTING THE SCENE ...................................................................................... 1 1.1 Introduction .......................................................................................................................... 1 1.1.1 Some Observations on Recent Trends in Chinese International Students Choosing to Study Abroad.......................................................................................................................... 1
    [Show full text]
  • Social Reproduction and Migrant Education: a Critical Sociolinguistic Ethnography of Burmese Students’ Learning Experiences at a Border High School in China
    Department of Linguistics Faculty of Human Sciences Social Reproduction and Migrant Education: A Critical Sociolinguistic Ethnography of Burmese Students’ Learning Experiences at a Border High School in China By Jia Li (李佳) This thesis is presented for the degree of Doctor of Philosophy November 2016 i Table of Contents Abstract ........................................................................................................................ viii Statement of Candidate ................................................................................................... x Acknowledgements ....................................................................................................... xi List of Figures .............................................................................................................. xvi List of Tables .............................................................................................................. xvii List of Abbreviations and Acronyms ........................................................................xviii Glossary of Burmese and Chinese terms ..................................................................... xix Chapter One: Introduction .............................................................................................. 1 1.1 Research problem ................................................................................................. 1 1.2 Introducing the research context at the China-and-Myanmar border ................... 4 1.3 China’s rise and Chinese language
    [Show full text]
  • From Carp to Dragon the Shanghai List and the Neoliberal Pursuit of Modernization in Chinese Higher Education
    From Carp to Dragon The Shanghai List and the Neoliberal Pursuit of Modernization in Chinese Higher Education Jeremy Cohen School of International Service: B.A. International Studies College of Arts and Sciences: B.S. Economics University Honors Advisor: Dr. James H. Mittelman School of International Service Spring 2012 2 FROM CARP TO DRAGON: THE SHANGHAI LIST AND THE NEOLIBERAL PURSUIT OF MODERNIZATION IN CHINESE HIGHER EDUCATION Do global university rankings reflect an assimilation of widely held transnational views about education or are these rankings the product of historically and culturally contingent national experience? This study examines how the emergence of the first global ranking—the Shanghai Jiao Tong University Academic Ranking of World Universities (ARWU)—reflects the intermingling of dominant global discourses about higher education with Chinese realities and asks what role ARWU has played in the restructuring of power and knowledge in Chinese higher education under conditions of globalization. A number of methods are employed—including the historical contextualization of ARWU, a critical review of its methodology, and interviews with Chinese students and scholars. The analysis demonstrates that ARWU is both a product and an instrument of neoliberalism in the Chinese context. Allied to a specific discourse of excellence and quality in higher education, it reproduces the national narrative of modernization that is the hallmark of Chinese neoliberalism. ARWU also builds legitimacy for policies that restructure higher education
    [Show full text]
  • Language Management in the People's Republic of China
    LANGUAGE AND PUBLIC POLICY Language management in the People’s Republic of China Bernard Spolsky Bar-Ilan University Since the establishment of the People’s Republic of China in 1949, language management has been a central activity of the party and government, interrupted during the years of the Cultural Revolution. It has focused on the spread of Putonghua as a national language, the simplification of the script, and the auxiliary use of Pinyin. Associated has been a policy of modernization and ter - minological development. There have been studies of bilingualism and topolects (regional vari - eties like Cantonese and Hokkien) and some recognition and varied implementation of the needs of non -Han minority languages and dialects, including script development and modernization. As - serting the status of Chinese in a globalizing world, a major campaign of language diffusion has led to the establishment of Confucius Institutes all over the world. Within China, there have been significant efforts in foreign language education, at first stressing Russian but now covering a wide range of languages, though with a growing emphasis on English. Despite the size of the country, the complexity of its language situations, and the tension between competing goals, there has been progress with these language -management tasks. At the same time, nonlinguistic forces have shown even more substantial results. Computers are adding to the challenge of maintaining even the simplified character writing system. As even more striking evidence of the effect of poli - tics and demography on language policy, the enormous internal rural -to -urban rate of migration promises to have more influence on weakening regional and minority varieties than campaigns to spread Putonghua.
    [Show full text]
  • 2021 Scholarships Programs for Postgraduate Studies
    XI’AN JIAOTONG UNIVERSITY SCHOLARSHIPS PROGRAMS FOR POSTGRADUATE STUDIES 2021 XJTU According to the data released by Essential Science Indica- tors (ESI), engineering of XJTU is ranked top 1 on the ESI list, Xi’an Jiaotong University (XJTU), established other 14 disciplines of XJTU are ranked top 1% on the ESI list in 1896, is the national key University directly up to March, 2018. Its Management School and Law administered by the Ministry of Education of School are accredited for the QS FIVE STARS respectively China. It is the top 10 Research University in in 2016 and in 2018. 14 disciplines are ranked top ten in China and member of China’s Ivy League --- China, such as Electrical Engineering, Mechanical Engineer- C9 League. It was ranked No. 303 on the list ing, Power Engineering and Engineering Thermophysics, of QS World University Rankings 2020. Materials Science, Electronics and Information Engineering etc. XJTU established extensive international communication ties with about 300 universities and research institutions XJTU is a comprehensive research university with 10 major from 44 countries and regions. It initiated the University categories of disciplines: science, engineering, medicine, Alliance of the Silk Road and built an international economics, management, humanities, law, philosophy, educa- platform of educational cooperation and communication tion and art, and 26 schools, 9 colleges for undergraduates and for more than 154 universities of 39 countries and regions. 20 affiliated teaching hospitals. There are four campuses, Currently, there are over 3000 international students from namely Xingqing campus, Yanta campus, Qujiang campus and over 139 countries and regions studying at XJTU.
    [Show full text]
  • Chinese Or English Education? a Challenge Confronted by Chinese Government*
    US-China Education Review B, May 2015, Vol. 5, No. 5, 333-341 doi: 10.17265/2161-6248/2015.05.006 D DAVID PUBLISHING Chinese or English Education? A Challenge Confronted by Chinese Government* Geng Li-min Alexander Yuan Henan University of Economics and Law, Utah Valley University, Zhengzhou, China Orem, USA The Chinese government decided to abolish the English examination from the Gaokao (College Entrance Examination in China) in 2013, which caused a hot discussion about English education in China. Some people thought that it should be abolished long ago because studying English stands in the way of Chinese study among students, and the country may lose its cultural identity; some believed that China cannot flourish without English education and the nation should emphasize the importance of English education rather than diminish it. The paper makes a qualitative study about the relationship between English and Chinese education through an interview, then discusses the underlying reasons why people call for abolishing English education in China, and finally predicts the future of English education in China. Keywords: Gaokao (College Entrance Examination in China), English education, Chinese education, traditional Chinese culture Introduction On March 1st, 2013, the Ministry of Education of China issued the paper “The Opinion on the Deepening of the General Education Reform in 2013”, which makes it clear that English will be dropped out from the traditional Gaokao (College Entrance Examination in China) in 2017, instead it will be put into the social test more than one time in one year (Ministry of Education of the People’s Republic of China, 2013).
    [Show full text]
  • China's Quest for World-Class Universities
    MARCHING TOWARD HARVARD: CHINA’S QUEST FOR WORLD-CLASS UNIVERSITIES A Thesis submitted to the Faculty of The School of Continuing Studies and of The Graduate School of Arts and Sciences in partial fulfillment of the requirements for the Masters of Arts in Liberal Studies By Linda S. Heaney, B.A. Georgetown University Washington, D.C. April 19, 2111 MARCHING TOWARD HARVARD: CHINA’S QUEST FOR WORLD-CLASS UNIVERSITIES Linda S. Heaney, B.A. MALS Mentor: Michael C. Wall, Ph.D. ABSTRACT China, with its long history of using education to serve the nation, has committed significant financial and human resources to building world-class universities in order to strengthen the nation’s development, steer the economy towards innovation, and gain the prestige that comes with highly ranked academic institutions. The key economic shift from “Made in China” to “Created by China” hinges on having world-class universities and prompts China’s latest intentional and pragmatic step in using higher education to serve its economic interests. This thesis analyzes China’s potential for reaching its goal of establishing world-class universities by 2020. It addresses the specific challenges presented by lack of autonomy and academic freedom, pressures on faculty, the systemic problems of plagiarism, favoritism, and corruption as well as the cultural contradictions caused by importing ideas and techniques from the West. The foundation of the paper is a narrative about the traditional intertwining role of government and academia in China’s history, the major educational transitions and reforms of the 20th century, and the essential ingredients of a world-class institution.
    [Show full text]
  • Creative Company Allows You to Study Abroad in China While Learning Chinese
    03.07.2011 13:12 CEST Creative Company Allows You to Study Abroad in China while Learning Chinese Studying abroad is the newest modality that students and teachers alike use in order to keep up with the innovations in terms of teaching techniques, technological improvements and new scientific discoveries that are being put at good use in foreign states. Even companies who are looking to employ fresh graduates are viewing abroad experiences as valuable assets and students who have international experience and accomplishments sated on their resume are more likely to be employed faster than those that don’t. In this regard, the programs that allow people to study abroad in China are some of the most sought-after ones. This is because to study abroad in China offers two capital advantages: you are given the opportunity to study at some of the best universities in the world while in Beijing and also you will have the chance to make the most out of the time spent there by learning Chinese Beijing. Next Step China was founded to allow you to study abroad in China or make use of any other method with the final purpose of learning Chinese Beijing. When it comes to a trip to study abroad in China, Next Step China makes it easy to experience the amazing academic life at the Peking University, Beijing Language and Culture University, Qsinghua University or Beijing Global Village School. These universities with traditions as long as one century are known worldwide to be committed to academic excellence. The Peking University, also known as Beida, was founded in 1898, and in addition to the great academic performances is also known for the amazing, unique traditional Chinese architectural style of the campus.
    [Show full text]