CAI JIHONG
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Case Significance
Re Cai Jinhong [2024] SGHC 295 was decided by Choo Han Teck J in the General Division of the High Court on 22 November 2024, with judgment reserved after hearings on 12 and 19 November 2024. In Originating Applications Nos 1100 and 1101 of 2024, brought under s 13(1) of the Trustees Act 1967, the applicant Cai Jinhong sought the court's sanction to sell two properties at Chin Swee Road that he held on trust under two deeds of declaration of trust dated 21 December 2020, one for his daughter (aged eight) and the other for his son (aged 13).
The deeds declared that the applicant had purchased the properties in his sole name for his children's benefit: the first property (for the daughter) at $1,434,000, with $645,300 still outstanding, and the second property (for the son) at $975,000, with $438,750 still outstanding. The applicant wished to sell because his savings were "fast dwindling", he feared being unable to continue paying the outstanding sums, his employment was subject to market forces with the possibility of being let go, and his aged parents required monetary support. The matter concerned the court's statutory jurisdiction to vary trusts. The applicant was represented by Yeo Siew Chye Troy of C K Tan Law Corporation.
Summary
Cai Jinhong applied under section 13(1) of the Trustees Act 1967 for the court's sanction to sell two properties at Chin Swee Road that he held on trust under deeds of declaration of trust for his two children, citing dwindling savings, employment uncertainty and other financial demands. The General Division of the High Court found that, although the requirements of section 13(1) were not met, it was expedient for the applicant to sell the properties. The court allowed the applications and ordered the properties to be sold within six months, with the balance sale proceeds to be deposited into separate trust accounts for the daughter and son and the applicant to file an affidavit accounting for the proceeds.
What did the applicant seek in Re Cai Jinhong [2024] SGHC 295?
In Re Cai Jinhong [2024] SGHC 295, the applicant Cai Jinhong sought the court's sanction under s 13(1) of the Trustees Act 1967 to sell two Chin Swee Road properties he held on trust for his daughter, aged eight, and his son, aged 13.
What were the property values in Re Cai Jinhong [2024] SGHC 295?
In Re Cai Jinhong [2024] SGHC 295, the property held for the daughter was purchased at $1,434,000 with $645,300 outstanding, and the property held for the son was purchased at $975,000 with $438,750 outstanding, under trust deeds dated 21 December 2020.
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Judgment
Read the full judgment on the official Singapore Courts portal.
Read on eLitigationSource: eLitigation ([2024] SGHC 295)