Swiss group to build tax-free art vault in Beijing

Euroasia Investment SA, a Swiss logistics group, plans to construct a US$100 million tax-free storage facility for art and other valuables next to Beijing Capital International Airport, Bloomberg reported. The Beijing Freeport of Culture will be modeled after the Swiss company’s own Singapore Freeport, a maximum-security vault where collectors can store valuables without paying taxes. At 83,000 square-meters, the Beijing facility will be almost three times as large and will also include an exhibition space for auctions. The Beijing Freeport, which should be completed by mid-2014, is a joint venture with the state-owned Beijing Gehua Cultural Development Group. The project is part of the government’s efforts to raise the profile of China’s art market and reduce smuggling. China last year became the world’s biggest art market, but the industry is beset by problems including forgery, smuggling and non-payment.