On September, 1, our country’s first ‘Statement of Recommended Practice’ has officially been implemented, placing charitable trusts into a clear legal position. On the opening day of the ‘Statement of Recommended Practice’, SDIC Taikang Trust came out with two new charitable trusts, ‘SDIC Taikang Trust 2016 SDIC Charitable Trust No.1’ and ‘SDIC Taikang Trust 2016 Hopes & Dreams Educational Charitable Trust No.1’. As SDIC Taikang Trust’s legal consultant, our partner Ms. Jennifer Zhang led East & Concord’s legal team in providing a full legal service for the first charitable trust.
Reportedly, ‘SDIC Taikang Trust 2016 SDIC Charitable Trust No.1’s’ client began an investment company for the country, with SDIC Taikang Trust being a trustee. The charitable trust fund totals at RMB 30 million (having given RMB 10 million annually for the past three years), with a limit of five years to improve the lives of impoverished citizens and educational system through donations; ‘SDIC Taikang Trust 2016 Hopes & Dreams Educational Charitable Trust No.1’s’ client is a natural person, the charitable trust fund totaling at RMB 820 thousand, with a limit of three years. With the Shanghai Adream Charitable Foundation, the trust is committed to ensuring quality education in primary and secondary schools for both students and teachers throughout the nation.
