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Owing to the relocation of Alice Ho Miu Ling Nethersole Hospital from Hong Kong West to Taipo in New Territories, the land at Bonham Road was sold in 1994. The land, which was registered under the name of former London Missionary Society (now known as the Council for World Mission (CWM)), had been occupied by the Hospital for over a century.Both the Hospital and the CWM agreed to allocate some of the proceeds of the sale of the land to set up a trust fund in Hong Kong to help develop the projects and services in need in both Hong Kong and Mainland China of the following nature: evangelism, medical and health, social service and education, and to spread the knowledge of Christ.

The CWM/Nethersole Fund was set up on 19 September 1997, entitled to tax exemption under Section 88 of the Inland Revenue Ordinance.