China Development Bank, CITIC Trust, and China Merchants Bank announced that they would donate all the profits of a financing product totaling CNY9.6 million to the China Soong Ching Ling Foundation for school reconstruction in disaster areas affected by Sichuan earthquake.
The financing product was launched in July 2008 by CDB and CITIC Trust to support the reconstruction work in quake areas, and was distributed by China Merchants Bank Beijing branch.
It was first sold on July 29, and was sold out in only five days. Apart from capital cost for investors, the issue cost for CMB and business tax, the remaining CNY9.6 million will all go to the China Soong Ching Ling Foundation.
