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When the 18th Beijing-HK Economic Cooperation Symposium in Beijing closed this past Nov 26, Beijing's Economic Technological Development Area, or E-town, walked away with a contract for an authoritative art identification center for the mainland and a global arts storage center, similar to two other important ones, in London and Singapore.
This calls for the Zhaishi Investment Group, of Hong Kong, to put 1.7 billion yuan ($272 million) into E-town for an art exhibition facilities and artwork storage, and to handle the arts business. It also includes an art museum and auction center and cooperation with the Beijing based Sotheby's and the London based Christie's auctioneers to create a qualified arts authentication center.
When the project is completed, the center is expected to handle 3.8 billion yuan worth of art annually, with an income of 2 billion yuan and taxes of 150 million yuan.
The HK company, which was founded in 1982, has total assets of 35 billion yuan and has arranged hundreds of antiques and arts exhibitions, auctions, and international fairs in Europe, North America, and Asia.
