An art auction company may be established inside the Shanghai Free Trade Zone as part of efforts to make the zone “a flagship of Shanghai culture industry”, Thepaper.com reported Friday, citing a source with knowledge of the matter.
The Shanghai FTZ authority has registered an international cultural investment development firm with registered capital of 100 million yuan (US$16.14 million) to serve as a platform for coordinating operations of culture industries in the zone.
It will provide professional services for the cultural industry such as warehousing, trading and auction.
Since the ban on trading of cultural relics in the zone is still in effect, the newly established firm will need special approval from the regulator to conduct business involving cultural relics. In the meantime, foreign auction houses are still not allowed to operate inside the zone.
The company will occupy a building with a floor area of 90,000 square meters. Construction is expected to be completed in 2017.
– Contact us at [email protected]