Blackstone Chairman and CEO Stephen Schwarzman ’69 announced the establishment of a new elite scholarship fund that will send 200 students a year to study in China, and University President Richard Levin will serve as a member of its 18-person Honorary Advisory Board.

The scholarship will pay for 200 students from around the world to complete a one-year master’s program at Tsinghua University in Beijing.The program was designed with objectives equivalent to the Rhodes Scholars program, according to an April 21 press release.

“The U.S.-China relationship has never been more important, which makes this program much needed and timely,” Levin said in the press release. “Schwarzman Scholars is more than simply an academic exchange. It will promote mutual respect and deeper understanding between cultures, allowing those involved to engage constructively when they enter the world stage.”

School of Architecture Dean Robert Stern designed the residential building for the program, which is slated for completion in 2016 when the first class of scholars arrives. A virtual tour of the campus, including the new building, is available on the Schwarzman Scholars website.