The University of New South Wales Asia (Abbreviation: UNSW Asia; Chinese: 亚洲新南威尔斯大学) was the first international university campus for the University of New South Wales in Singapore which opened on 12 March 2007. UNSW Asia was the first foreign university, fifth university and the third to be privately funded and operated after the Singapore Management University (2000) and SIM University (2005). On 23 May 2007, UNSW Asia Singapore campus announced its planned closure on 28 June 2007, at the end of the first semester due to financial issues and lower than expected student numbers. As a result of the sudden closure, rifts within the UNSW management were publicised, and accusations were exchanged between the University and the Economic Development Board. Questions were raised over the Economic Development Board's role in bringing in potentially over-ambitious business plans. The Singapore government's total loans to the university amounting to S$32 million was also revealed. The University is expected to repay all loans, and will have to restore the land for its campus to its original state, potentially incurring further costs. UNSW announced its closure on 23 May 2007.