Investor interest strong in Beijing's cultural base

On Wednesday, the capital city's National Cultural Trade Base had a strong showing at the Beijing Fair, where the base attracted more investment than any other entity represented there.

Contracts for 18 projects involving a combined investment of 16 billion yuan ($2.5 billion) were signed at the ongoing China International Fair for Trade in Services, or Beijing Fair.

The cultural base, also known as the Beijing Freeport of Culture, signed deals worth 2.2 billion yuan.

The types of projects launched ranged from art, TV and filmmaking to other creative industries, such as animation, ballet and theater. In addition to the freeport, many of the projects came from Beijing Culture Valley and the Oriental Drama Industry Investment Fund.

The freeport, located at the Beijing Tianzhu Free Trade Zone, began construction in March and has already attracted eight major world companies, including Euroasia Investment SA, Shun Tak Holdings Limited, and the Ullens Foundation.

Li Danyang, general manager of the Beijing Gehua Cultural Development Group, the operator and initiator of the freeport, said: "The company will join hands with world-class service providers to help Beijing build the freeport into Asia's largest trade hub in the cultural sector."

He said the center, involving a total investment of 5 billion yuan, will cover 510,000 square meters.

It will be divided into three functional zones: an international cultural goods exhibition and trade center, an enterprise cluster area and a logistics center.

Gehua's exhibition area will be operated in cooperation with Shun Tak, which boasts extensive experience in this arena.

Leading global logistics firm Hasenkamp will team up with Gehua to handle the complicated processes necessary when trading global art treasures.

The renowned Bouvier family company, provider of security for the world's most valuable items, will also help with protection of precious goods.

"Their presence will soon cement the freeport's position as a leading global trade center for cultural goods and historical treasure," Li said.

Wang Haiping, deputy director of the publicity department of Beijing, said the city has identified cultural exports as a new economic growth engine.

Last year, the cultural sector's added value hit 193.8 billion yuan in Beijing, up 14.2 percent year on year. The sector accounted for 12 percent of the local GDP.

Contact the writers at yangcheng@chinadaily.com.cn and wangsujuan@chinadaily.com.cn

(China Daily 05/31/2012 page15)