PAVILLON Holdings' wholly owned subsidiary, Tianjin Pavillon Assets Management Co (TPAM), has invested in a joint-venture (JV) company, Tianjin Binhai New Area Changjiang Cultural Assets Trading Center Co, in China.
Its JV partners include Jinan Chengcheng Investment Partnership Enterprise (LLP), Haoyin (Beijing) Asset Management Co, Shenzhen Fulaimi Jewelry and Beijing Guofa Xinyuan Investment Consultancy Co.
Tianjin Binhai provides cultural artifacts and collectibles with related trading facilities, equipment and office rental, and advisory services. Its registered share capital is 50 million yuan (S$10.5 million), of which TPAM invested 10 million yuan. TPAM and the JV partners will each hold a 20 per cent stake.
Pavillon said: "The rationale for the joint venture is to set up a cultural assets trading centre in Tianjin where Tianjin Binhai would provide an online and offline platform for trading of collectibles such as art pieces, stamps, gold and silver coins. Other activities would include bonded warehousing, custodian and certification services of the collectibles."
The investment in Tianjin Binhai was funded through internal resources.