Chinese bank launches art fund - Spear's Magazine

Chinese bank launches art fund

China Merchants Bank (CMB) launched “art banking,” an alternative investment program, Tuesday to offer China’s new-rich a chance to enjoy Chinese contemporary art, and at the same time, make long-term investment.

China Merchants Bank (CMB) launched “art banking,” an alternative investment program, Tuesday to offer China’s new-rich a chance to enjoy Chinese contemporary art, and at the same time, make long-term investment.

Targeting at clients with minimum assets of 10 million yuan, the program is part of CMB’s private banking section launched in 2007 in collaboration with China Contemporary Art Foundation, which has a huge collection of more than 3,000 Chinese contemporary art works.

“We have worked with a group of Chinese and Western art experts to pick out 70 artworks including photos, oil paintings, wash paintings and sculptures, ranging from 10,000 to 1 million yuan,” said Su Yan, executive director of China Contemporary Art Foundation.

To read the full story, visit People’s Daily Online



 

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