BRISTOL, Va. (AP) — A Chinese firm plans to establish a four-year college in Bristol after acquiring the former Virginia Intermont College campus through a foreclosure auction.
News outlets report that Flushing, New York-based U.S. Magis International Education Center purchased the property for $3.3 million on Thursday.
Company spokesman George Xu says the firm plans to renovate campus buildings and apply for accreditation. The company has not decided on a name for the proposed school.
Virginia Intermont College closed in May 2014 amid financial insolvency, plummeting enrollment and lost accreditation. The Bristol Herald Courier (http://bit.ly/2gU2nUX ) reports the property had a $15 million asking price when it was initially listed for sale in 2014.
Xu says U.S. Magis International is owned by a Chinese businessman and was established to acquire and operate colleges in the U.S.