中关村文化产业五十人咨询委员会宣告正式成立

清华大学文化创新发展研究院、北京海淀区委宣传部主办的数字文化产业创新与发展大会在中关村国家自主创新示范区展示中心举行,并宣告中关村文化产业五十人咨询委员会正式成立,第十二届全国人大教科文卫委员会主任、原国家新闻出版总署署长柳斌杰为主任,中国科技体制改革研究会理事长张景安、故宫博物院原院长单霁翔、中国外文局原局长周明伟为副主任,云月控股执行合伙人、北京股权投资基金协会执行副会长宋斌、清华大学文化创意发展研究院执行院长胡钰、中关村银行董事长郭洪、腾讯计算机系统公司副总裁陈发奋、网易公司副总裁庞大智等中国数字文化产业领域的领军人物、知名学者和投资专家受聘出任委员,《国际融资》总监滕征辉,北京市政府新闻办公室原主任王惠为秘书长。中关村文化产业五十人咨询委员会形成第一次会议共识,海淀区政府发布支持数字文化产业发展重磅政策,海淀区委书记于军到会并致辞,柳斌杰等专家嘉宾发表主题演讲或专题对话。

云月控股执行合伙人、北京股权投资基金协会执行副会长宋斌先生在讲话中指出,从资本角度看如何加快数字文化产业发展,应做到区域自力,产业借力,形成合力。自力则是产业视野要开阔,定位要坚定,人才团队、产业基础与文化积淀、财政扶持相结合。借力则是文化与其他产业跨界融合,海淀文化及京城文化与岭南文化、江南文化、中原文化跨域融合,中国文化、现代文化与西方文化、传统文化跨国跨代融合。合力则是将数字文化产业培育扩展到数智文化产业发展,发挥市场的主导力量,将数智科学家、产业资本家、传统企业家以及股权投资家凝聚到文化大家周边。

宋斌表示,云月控股Lunar Capital作为全球知名并购基金,在中国投资消费品牌乃至文化产业已有近二十年历史,我本人也是北京市出来的干部,今后仍将看好海淀、看好北京,创设新基金,开拓新事业,坚持投资文化产业主体,不离创造美好生活宗旨,努力为首都社会经济发展激发更多正能量。 宋斌在感谢海淀区委区政府盛情邀请的同时,建议产业规划政策支持中用好三个抓手,一是将文化产业内容、数字数智技术与消费产业发展结合起来,消费中有文化,文化中有消费,如此文化产业能有很好的发展前景与出路;二是将产业园的设立和产业链的构建结合起来,既要做有形的产业园,引进产业专业及技术人才,更要站在全国、全球文化及消费范围,发展形成一家在海淀、万家跨海外的数字文化创意产业链;三是将实体企业与投资基金结合起来,发挥股权核心资本对企业主体及发展创新的推动力,特别是应将并购基金作为中关村以及海淀的重点引进支持对象,以期基金以深入运营,主导企业发展,共同构建数字文化产业链乃至产业集群,起到四两拨千斤的作用。

Lunar | 11月 10, 2019

云月执行合伙人在文化和旅游部产业项目服务平台活动上发表主题演讲

文化和旅游部产业项目服务平台精品项目交流对接会在第十二届海峡两岸(厦门)文化产业博览交易会现场举办,文化和旅游部产业发展司司长高政、福建省文化和旅游厅副厅长苏庆赐、厦门市政府副市长韩景义、云月控股执行合伙人、北京股权投资基金协会执行副会长宋斌等出席并做主题演讲,来自全国各地的政策性银行、商业银行、股份制银行、投资银行、保险资产管理、股权投资等各类金融机构领导及专业人士,重点文化和旅游项目单位负责人等两百余人参加活动。

宋斌在文化和旅游部产业项目服务平台活动上的主题演讲

非常感谢福建与厦门的主办方和文旅部产业司的热情邀请,出席此次活动和大会。前面高政司长和庆赐厅长都讲了,今天的活动主题词是对接,我就围绕着资本助力,文化赋能,打造文化旅游新产业链为题做个发言,就教于大家。由于时间原因,重点讲三个结合,也就是文化发展与消费产业的结合,文化产业与文化企业的结合,企业发展与股权资本的结合。

首先是文化发展与消费产业的结合。大家都知道,文化具有双重属性,既有意识形态的体现,也有物质基础的体现,不仅代表着文化思想进步的先后,也代表经济发展的高低。所以从古至今,由于生产力水平的低下,很难完全覆盖整个上层和下层的各种文化需求。即使如中华民族五千年的历史,拥有优秀的文化传承,道德文章,财力文华,都领先于全世界,但也依然无法完全覆盖,诗词歌赋琴棋书画局限于上流宫廷氏族阶层,社火戏剧则沉淀于社会大众底层,这是由于受到整个经济水平不够的制约。任何一个国家民族,当它站起来、富起来、强起来时的一个重要体现,就是人民生活水平的普遍提高,标志性的反映在经济方面实现消费升级。这正是发生在当今中国的事情。

我们知道人们在生活中,消费需求有三个重要的体现,第一个就是身之本,即在人的本身,这是最基础的需求,健康的身体是生命的根本。第二个是身之属,即在人的身外,这是最广泛的需求,讲的生命生活所需要的各种物质条件,衣食住行,吃喝游乐等等。第三个是身之心,即在人的身内,讲的是心与意的享受,最核心最突出的就是文化需求。文化作为消费中的最具影响力增长力的内容,文化赋能对经济发展消费升级具有不可替代的重要作用。所以我们要将文化与消费紧密结合起来,认识到充实文化的内涵,扩大文化的外延,通过文化的创作,支持文化的消费,使得文化的本体,嫁接文化的载体,将本土文化与域外文化,将传统文化与现代文化,相辅相成结合在一起,将物质消费与精神消费,产品消费与场景消费有机结合起来,所以说从消费升级的角来看,文化是另一道美丽的风景线。

第二个结合讲的是文化产业与文化企业的结合。因为我们知道企业才是文化产业生产力的转化的要素,只有将文化产业作为一个完整的产业链建设,文化产业才能持续发展。产业链是由一个一个的企业组成,企业运作的水平,企业能力的培育,决定着产业链的长短与质量。建国之后前期几十年,我们曾经在文化方面也做了大量的工作,但是发现他的规模效益和扩散效能并不是特别的明显,其中一个重要原因就是因为更多是政府为主体,依靠事业化运作,没有实践企业化的运作,近些年的成功实践,说明培育文化企业发展,能够更加有效地支持中国文化产业发展,文化部产业司做了大量卓有成效的推动工作,业内都很敬佩。通过文化产业与企业的有机结合,在企业的平台上很好地把文化管理与文化运营结合起来,推动文化产业的壮大,代表了整个文化体量的增大,推动文化企业的发展,决定了文化能量的增长。如此企业化将事业愿景与商业模式结合的运作,使得文化产业链更加丰富多彩,推陈出新,这也体制改革的力量,思想解放的效应。

第三个结合讲的是企业发展与股权资本的结合。大家都知道,云月控股是全球著名的并购基金,专注投资于消费行业,其中包括文化产业,不仅投资控股了著名的婴童服装品牌英氏,世界奢侈品名牌上海滩,百年老字号的食品企业立丰,也收购了北京798文化艺术区最具标志性最著名的机构-尤伦斯当代艺术中心,它是中国最大的民营文化展览机构,上次法国总统马克龙先生专门前来参观。今年举办的毕加索大展,不论是线下的35万名现场观众,还是线上4亿参与者,都创了文化展览界的新记录。北京股权投资基金协会已经成立十年,是中国最早的行业协会,对于行业的研究分析了解比较广泛深入,所以我从云月的实践经验和协会的研究角度讲一下文化企业发展与资本的结合问题。因为资本力量进入产业的最大的好处,就是能够利用专业的力量,发现培育优秀潜质的文化企业及项目,引导推动业绩水平不断提升。从资金性质角度,有信贷的资金,加上股权的资本,而从资本来源角度,又分政策性的出资和市场化的融资。在资本投入过程中,又有控股型投资,协同型投资以及平台性投资不同模式。专业投资机构进入企业,带来的不仅是资本,更多是智本,这个钱被称作聪明的钱。这种投资能改变些什么呢?首先改变理念,整个经营理念,突破创业者企业家的旧有思想束缚,还会调整优化发展战略,找到更多的快速发展积累提升的路径,更高效率的经营方式,形成好的布局和资本结构,同时投入资金,优化运营,用好资本杠杆,塑造更加符合市场需求的品牌,提高整个的文化产品与服务的质量,而且不断利用好科技的手段进行创新,当然还能聚集很多的专业人才,最终实现降低成本提高效益持续发展的良性循环,为社会和人民提供更多正能量的贡献。

所以我们把这三个结合,就是文化发展与消费产业的结合,文化产业与文化企业的结合,文化企业与股权资本的结合,这个脉络捋下来,就能够找到文化产业很好发展的方向、路径、助力与能量。厦门是一个文化产业基础优良的美丽城市,福建是一个文化底蕴深厚的广阔地方,南北东西,四通八达,接邻广东、浙江、江西、台湾四省。我们都知道在厦门出生的文化大家林语堂先生,更知道著名爱国英雄的福建林则徐先生,大政治家、文化家、书法家,也是一位净土宗的大居士,福建真正是人杰地灵,得天独厚。所以相信福建和厦门有极好的机会,将东南文化与中原文化、江南文化等等有机结合,还可对接海外文化,在文化产业投资方面,文化企业培育方面,能够实现更多更好的结合,更有效更高质量的发展。

最后祝大会圆满成功,一切顺利!谢谢大家。

Investor Relations | 11月 1, 2019

北京领先博物馆UCCA迎来了一位新邻居

One of Chinas best-know museums for contemporary art, the UCCA in Beijing (that just finished a record breaking Picasso show) has a new neighbour: high-end fashion brand Shanghai Tang.

The Chinese heritage label’s concept store has recently opened its doors in the newly renovated UCCA complex in Beijing`s 798 art district and it seems a perfect match as the brand has a long history with contemporary Chinese art under his belt. Why this? Thanks to its late founder Sir David Tang, an avid art collector, the brand rubbed shoulders with various leading Chinese artists in the past.

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Looking behind the scene, the proximity of UCCA and Shanghai Tang does not come at a surprise: the entrepreneurial minds and owners behind both businesses are Derek Sulger and Jerry Mao, who together run Shanghai-based Lunar, which focuses on the transforming Chinese consumer through new lifestyle, new culture and new retail. Driving all of this is a strong belief that Chinese millennial and Gen Z consumers seeking out a unique personal identity that reflects this idea of New Chinese Culture, through very authentic and localized Chinese brands.

So it seems while over the past weeks global Fashion Weeks brands navigated between story lining heritage and attracting millennials, Chinese brands seems to follow a particular strategy. Derek Sulger said, that “there is a powerful transformation underway in Chinese consumer desires, where people are moving away from just buying what is needed, or international luxury “high cost commodities”, to buying what reflects their Chinese identity and individuality. We see this especially amongst Generation Z, who respond strongly to authentic offerings in that strongly reflect Chinese concepts.”

For Shanghai Tang, Chinese culture is the brand’s backbone and it looks back to various collaborations with Chinese artists, recently with renowned Chinese artist Xu Bing, whose internationally lauded works have exhibited at the likes of MoMA, the Metropolitan Museum of Art in New York, the British Museum in London and, of course, the UCCA in Beijing.

Xu Bing created an exclusive artwork for Shanghai Tang, portraying the brand vision “Shanghai Tang – Created by Chinese” in his now-legendary Square Word Calligraphy, a system for rendering English letters to resemble Chinese characters. Xu Bing invented this concept in 1994, the same year Shanghai Tang was born, making this cross-disciplinary project a serendipitous joint 25th Anniversary celebration.

Xu Bing and Victoria Tang-Owen

Xu Bing’s Square Word Calligraphy invites the audience to break down cultural barriers and decipher a new form of communication. The ingenious and artistic system organises the letters of each word into structures that resemble Chinese characters. A consequence on his project is that non-Chinese speakers can understand how each character is similarly composed.

Wondering whether there is a different trend as for rather following international names in the art world vs celebrating “Chineseness“ among the Chinese art world, Jerry Mao noted “Chinese contemporary art is becoming hugely influential throughout society, and was now exciting and relevant enough to attract mass-market attention alongside renowned international contemporary artists”. Mao further noted that this was evident in having Picasso exhibition at the UCCA in Beijing, while at the same time the UCCA was running a retrospective of the evolution of 1990s China through video art and photography, marrying the best of new Chinese art with the most important retrospective of Picasso in Modern Chinese history. “ Shanghai Tang working with Xu Bing and UCCA is so exciting as bringing together Chinese art and Chinese fashion for a new identity of “China Now”.

So while it seems rather unlikely to expect popular collaboration choices such as Daniel Arsham (the artist made his China debut in Shanghai earlier this year) collaborating with Shanghai Tang, we remain excited to further observe the role Chinese art will play in the art, fashion and brand context. Certainly, the role of cultural experiences and storytelling as mentioned above, plays a crucial role in this cross-industry environment – not only for China.

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Lunar | 9月 30, 2019

云月新获文化产业投资最佳机构及成功案例双奖

云月在第七届文化产业资本大会上,获得中国文化产业最佳新锐投资机构大奖,其所投资的尤伦斯当代艺术中心亦名列中国文化产业十佳并购案例。受云月联合创始合伙人、尤伦斯UCCA基金会创始理事茅矛先生委托云月控股执行合伙人宋斌先生出席大会领奖,并发表专业意见。

近几年云月Lunar在中国的大文化大消费产业并购与运营中,坚持践行价值创造理念的影响力投资,从资本投资传统文化企业入手发力,从资源整合时尚消费产业取得成功,运用文化、消费、金融三要素,实现产业基金、产业集群、产业园区三结合,携手共创文化与消费投资纵横交织的新心态、新生态、新业态。

宋斌在第七届文化产业资本大会上的讲话要点

云月控股LUNAR是全球知名专注于消费行业的并购基金,在中国十几年投资历史,控股英氏婴童、上海滩服饰、立丰食品、尤伦斯艺术中心等诸多著名品牌,投资业绩得到全球专业机构出资人充分肯定与赞许。

云月投资的特点是文化里面有消费,消费里面有文化,因此投资与融合可以取得很好效果。今年尤伦斯举办的毕加索作品大展,大约35万名观众现场参观,4亿人次线上参与,文化与消费联动成果显著。

文化投资有自己的独特性。首先有所不为有所为,进而有所作为有不为。文化投资可以通过一个特定的传统文化领域进入,进而扩展到更多文化与消费结合的领域。云月正是实现这样成功的尝试,选择投资中国顶级的艺术展览中心,从文化创作领域入手,进而扩展到整个文化,乃至泛文化及大消费相关的更多领域。

在整个投资过程中,由对文化产品的投资、文化内容与技术的投资,扩展到对文化企业的投资,这是因为只有投资企业,才有足够的成长性。

我们做好文化产业投资并购,主要分三个层次。

第一个层次,文化投资的对象,既有纵向的内容,也有横向的技术。但是纵向有底,横向有边,只有纵横结合,相互呼应,把技术和内容结合,才能形成完整的文化投资平台。

第二个层次,将文化作为纵向,消费作为横向,用投资把文化和消费很好粘合在一起。这既与中国当前处于消费升级阶段相关,也与中国传统文化的理念相关。中国人讲究的“忠厚传家久,诗书继世长”,文化消费现已成为社会发展的必需内容。文化投资把精神享受和物质消费结合在一起,既有实实在在的产品,还有实实在在的空间,更有实实在在的文化消费享受。

第三个层次,把文化的技术与内容、时尚消费的品牌与载体,以及文化消费创意大空间等各种要素整合,形成“产业基金+产业集群+产业园区”的运作模式,挖掘基础传统文化精华,形成文化消费质量再提升,这就形成更大范围、更为丰富的文化投资内容。

在文化产业金融投资过程中,资本是整个文化投资的杠杆。无论是VC、成长型基金还是天使基金都很重要,政府与政策支持也很重要,但是更需要能够发挥较之更大特殊效应的专业投资机构,就是控股型并购基金,我们称之为“有影响力的投资”。

云月倡导并购基金发挥专业牵头领路的能力,引领产业背景的整合力量,联手地方政府、金融同行、文化精英、产业伙伴,有效地通过所掌握的一系列产品、一系列企业、一系列平台,以文化生活与时尚消费主题,合力打造纵横结合、产业融合、资源整合的大文化大消费投资的新心态、新业态与新生态。

Investor Relations | 9月 25, 2019

股权投资产融结合 促进企业创新发展

中国建筑装饰协会在杭州举办首届中国泛装饰行业中小企业发展大会,北京股权投资基金协会执行副会长、云月控股执行合伙人宋斌应邀出席并发表主题演讲。以下是演讲全文:

各位上午好!

非常感谢主办方的热情邀请和安排,前来出席首届中国泛装饰行业中小企业发展大会。我问了一下主办方,知道今天参加大会很多来宾都是企业界的朋友,昨天晚上的欢迎晚宴上,我也与一些优秀的企业家有所交流。大家对于企业如何更好发展,特别是通过产融结合方式,实现企业创新发展,将股权投资作为企业乃至产业发展的杠杆,都有很浓厚的兴趣和关注点。所以今天围绕企业家所关注的股权投资发挥专业杠杆作用,支持实体经济发展的一些重点难点问题,特别是针对中小企业、泛装饰行业和区域经济的特点,分三个方面做一些解读和阐述,与大家交流。

首先,中国股权投资行业正处于从价格套利向价值创利转型的特殊阶段。

中国股权投资行业发展年头虽然已经比较多了,但是到现在还没有成型。中国企业发展的资本来源,在改革开放的早期,民营企业更多用的是逐步积累的自有资金,国有企业则是用“拨改贷”作为最早的资本投入,之后逐步有了商业银行的信贷跟上,逐步有了证券市场的融资跟上,在这样的前提和背景下,中国才开始有了专业的股权投资。经历了外资股权投资基金率先进入中国,投资适合海外证券市场上市的企业,进而国内股权投资开始兴起,到创业板设立,激发全民PE热潮,再到民间浪潮难以为继,政府引导基金主体出现,推高整个股权投资行业的规模与范围。现在股权投资的专业机构已达2万多家,所设立的基金7万多个,整个可投资资金规模13万亿元。但这并非是正常的结构和可以持续的状态,变化趋势越来越明显,主要表现在中国股权投资的策略、方向、路径,正在发生很大的变化。最早的一批在中国投资与互联网等相关的项目,美元基金为主,当时很多是海外架构,通过海外上市实现退出。后面在PE全民热的过程中,更多是通过国内一二级市场实现套利。到了现在,随着注册制的开始试点及预期全面实施,这种投资盈利模式的可持续性越来越差。所以股权投资从市场价格差异套利,转变到企业价值创造获利,正是中国股权投资行业发展未来方向的探索所在。

而且大家知道,股权投资的领域也在发生很大变化,由过去偏重追求一些新的技术发展,逐步发展到对中国产业的全面投资。特别在制造行业的产业转型和人民生活的消费升级两个大的领域,股权投资的资金和项目数量越来越多,泛装饰行业实际上正是具有跨行业之间的双重特性。从股权投资的资金来源看,由过去单一的外资,转变到以国内资金为主,包括民间资本和国有资本,财富资本和产业资本。政府资金投入存量很大,而过去的纯粹个人资金,更多开始转为通过母基金或家族办公室出资,资产管理与基金出资经验越来越成熟。而且股权投资的投资阶段,也由过去侧重Pro-IPO阶段,延伸到天使投资、早期投资、成长期投资,以及并购阶段的投资,全投资链布局已经出现,并且在不断扩展。所以企业家们应该清楚的知道,中国股权投资行业处于转型关键阶段是什么状况,所面对的投资机构又是什么状态。

其次,股权投资是支持企业持续成长、实体经济发展的特殊专业力量

股权投资与一般讲的金融服务、股票投资,实际上是有很大差异的,是需要非常特殊的专业力量来做这个事情。大家要清晰地了解,金融投资与金融服务有很大差异,证券、银行、保险等等这些金融机构,辅导上市、提供贷款、帮助并购、降低风险缺失等等,都是为人出力,这就是金融服务的特点。而金融投资是为人赚钱、为人获利的,是帮助财富增长的专业力量。大家还要知道,即使是帮助企业或者企业家赚钱获利的金融投资,股权投资与股票投资两种模式也有很大差异。在股票市场或者债券市场进行投资,是遵照证券市场交易规则,随着价格波动低买高卖获利。股权投资则不然,而是通过集合特定投资人资金的基金,购买目标企业的股权,成为一家人,共同努力实现企业成长,实现企业内在价值增长,达到企业转让价格的提高,最终获得丰厚的回报。其投资周期比股票投资要长很多,风险点和专业点也有很大的不同。所以各位企业家与金融机构对接时,要想清楚自己要做什么,对方能做什么,不论是投资,还是融资,双方如何形成合作,如何使资本实实在在帮助自己。

每一个企业所处的发展阶段不同,每一家投资机构所擅长的投资模式、方法和阶段也多有不同,因此大家还需要做一个专业细分,主要有:第一种是天使投资。企业在创业初期,更多是依靠天使投资。天使投资看好创始人及创意。创业风险很大,投资风险也很大,但好处是有机会占领技术先导地位或商业模式先机,所以天使投资和发明创造者有着天然亲近的关系。第二种是风险投资。风险投资是在专利技术或商业模式有了初步印证,进入一定规模化的发展过程中进行投资帮助的,所以风险投资更多依靠投资专家独特的眼力,既指的是对技术的准确认识,特别是对技术未来的准确判断,也指的是对市场需求的了解,特别是对市场潜在需求的透彻发现。第三种是成长期投资。成长期投资与过去二三十年中国经济的发展,特别是产业发展非常贴切,因为它正是以壮大规模、满足需求作为主要增长来源。通过外在规模的迅速壮大,客户数量的迅速增加,销售收入的迅速增长,实现利润整体水平的大大提高,进而获得公开资本市场融资的机会,投资家与企业家共同获得由私募向公开发行方式转变的溢价收益。

我们知道,泛装饰行业与中国的大部分产业一样,都已经到了规模发展的瓶颈阶段,都处于新旧动能的转换阶段,所以仅仅看前面几种类型的基金,还不足以满足企业的需求,所以还有一类专业基金,更值得各位企业家研究,就是第四种基金,即并购基金。并购基金是对成规模的企业、有良好历史业绩的企业,有比较成熟的商业模式或管理团队的企业进行二次改造,以独特的专业能力,帮助企业带到一个新的高度,取得一个新的行业地位,取得一个新的利润成果,这就是并购基金做的事情。专业的并购投资机构,不仅要有好的眼力,更多靠的是体力,也就是说不仅仅要看好你,还要帮助你,与你一起努力,将一个不够强大的企业,带到细分行业的龙头地位,通过价值创造,实现价格增长。并购基金最大的特点并非被动套利,而是主动创利。

再次,股权投资对泛装饰行业、中小企业和区域经济协同发展具有特殊作用。

我现服务的云月控股Lunar Capital是一家全球知名的专注于消费行业投资的并购基金,在过去有近20年投资中国企业的历史。我们也很关注泛装饰行业,现从我们的股权投资经验和专业化角度,简要谈谈股权投资对泛装饰行业、中小企业及区域经济应所具有的作用。

我们要跳出建筑装饰行业,来看泛装饰行业,发现其有三个复合性特点:第一是其所涉及的领域是传统制造业和时尚消费业的结合,面对的关联企业和客户,既To B也To C。第二是整个经营的范围,既包括工程行业,也包括流通行业,还包括服务行业。第三是泛装饰行业的本质是生活方式的转变,而且不仅仅是物理空间的转变,更是融会众多的时尚内容、文化内容、科技内容、产业内容,以及人们生活幸福的意味在其中。因此在面对具有强烈消费升级属性的泛装饰行业,股权投资带来的不应仅仅是一些资金,而更多的是专业与跨界能力,帮助泛装饰行业的企业,在多行业、多市场、多领域、多产品的范畴内,以智本加资本的粘性,带入整个文化和生活方式的转变,使泛装饰企业的受众和服务面更加扩大,使泛装饰行业成为上下贯通、内外沟通、生产与消费通吃的行业。相信专业化的并购基金,作为具有专业整合能力的机构,调动众多的金融资源、产业资源、科研资源、文化资源提供助力,能够给众多企业及企业家带来许多惊喜。

泛装饰行业的大部分企业依然是中小企业,即使是行业名列前茅大型企业,与重化工类企业相比,体量依然不足够大,所以在稳生存、促发展过程中,对于核心资本的增加,依然有持续的需求。引进股权投资,壮大核心资本,对于扩大外部其他路径融资,包括公开市场的股票发行、银行的抵押或信用贷资、金融租赁等另类融资都很重要。而且由于泛装饰行业的这些企业,特别是细分行业龙头企业,更多存在行业内及跨行业整合的空间和需求,也更需要与专业并购基金联手,运用专业资本深入运营技巧,如此不仅对内提升经营管理和盈利能力,构造泛装饰多平台产业链,而且使得企业实现与相关资源的粘合、联合以及整合成为可能。

股权投资离不开企业,企业离不开所在地区,股权投资对于推动区域经济协同发展也具有独特意义。优秀的股权投资基金和行业组织,可以发挥机构专业经验和能力,很好帮助地方产业园区优选聚焦优势产业,设计与实施产融结合方案,搭建园区承接、机构服务、基金引导三足鼎立职能架构,运用土地出让、税收优惠和资本助力三轮驱动方式提升招商效率,更可以在产业细分、电商织网、企业并购上做出创造性贡献,因此泛装饰行业股权投资、产融结合、政企联动、产城共建的事业,前途广阔,大有可为。

我们北京股权投资基金协会成立十一年了,非常感谢全行业长期以来深厚信任,支持协会充分利用北京政策信息畅通,产业金融资源丰富,中外机构合作广泛的优势,面向中国全国乃至海外众多股权投资机构,提供专业引导与服务。同时我们也很高兴协助产业界、企业界、金融界及地方政府做了一些有益工作,此次泛装饰行业大会就是我们与中国建筑装饰协会成功合作的又一次深化,期待我们共同联手为泛装饰企业的产融结合以及跨国、跨境、跨界发展做出更多贡献。

谢谢大家!

Lunar | 9月 6, 2019

毕加索画展吸引了北京

A guide giving a talk on Picasso’s “Portrait of Marie-Therese” (1937). For a point of comparison, Da Vinci’s “The Last Supper” is on her laptop.
A guide giving a talk on Picasso’s “Portrait of Marie-Therese” (1937). For a point of comparison, Da Vinci’s “The Last Supper” is on her laptop.

By Jane Perlez, The New York Times

BEIJING — The fashion peacocks are parading in Beijing this summer. A young woman with a short crop of neon green hair. Another with scarlet bangs. Others in pointy-toed shoes and perfect makeup. A young man in a pale blue silk shirt, matching bermudas and beige boots.

They are all part of the crowd lining up to see the hot art show of the season — works by the young Picasso at the UCCA Center for Contemporary Art, a prestigious gallery in the 798 art quarter.

Beijing brags about its humming art scene. Galleries thrive. The art schools possess a certain frisson. Art is widely taught in elementary schools.

But shrouding all this creative fervor is the meddling hand of the government. Censorship is rife in literature, and film. Although few art shows have been closed in the last few years, exhibitions are self-censored, and many artists choose to work abroad to escape the official tastemakers.

For the under-35-year-olds flocking to the Picasso show, some of them artists themselves, the young Spaniard’s wild imagination during the first three decades of his career touched a nerve. They were captivated by Picasso’s drive to experiment before he was even 30. The painter and sculptor didn’t just change the art world; he helped change how a new century saw itself.

But the implicit theme of the show was: Would genius like Picasso’s thrive within the confinements of contemporary China?

The answer isn’t an easy yes or no. Some Chinese artists compete favorably on the world’s freewheeling art stage, which prizes the outré, and the central government welcomes the global recognition its art stars bring. But the authorities can interfere as arbitrary censors at any time, and any work denigrating the party or state, or even hinting at separatism, is strictly forbidden.

“Head of a Woman” (1957) attracts fans. While the show focuses on the first three decades of Picasso’s career, it includes work from later in his career.
“Head of a Woman” (1957) attracts fans. While the show focuses on the first three decades of Picasso’s career, it includes work from later in his career.

For the artists and other creative types visiting the show, Picasso’s works seemed to hint at what’s possible for artists when completely unfettered.

Yan Lei, a sculptor from Beijing, was halfway through the show when he peered into a plexiglass case with one of the artist’s trailblazing works, “Violin.” The blue, brown and white mélange of metal sheets and iron wires was created in 1915, when World War I was raging, and Picasso was 34, about the same age as Mr. Yan.

He was blown away by the originality from so long ago.

“We are doing this today, and think it is very modern,” said Mr. Yan, who keeps a studio on the outskirts of the city. “He was doing this 100 years ago.”

Boliang Shen, a 34-year-old content director of a podcast, was riveted by a sculpture of Fernande Olivier, Picasso’s early girlfriend. In some places, the rough-hewed wood looked as though it had been hacked with a penknife.

“You can feel Picasso,” Mr. Shen said as he circled the work. “He’s looking for himself, his own voice.”

Picasso has long been accepted in China. His onetime membership in the Communist Party helped. When the Communists grasped victory in 1949, an image of a dove by Picasso hung as a symbol of peace at an international conference in Beijing alongside portraits of Stalin and Mao.

He was blacklisted during the Cultural Revolution, like almost all other artists dismissed as a not-to-be-tolerated bourgeois influence. But in the early 1980s, a small show of 30 works marked his comeback, attracting an eager audience hungry for European art after China’s decades in the wilderness.

His celebrity, as important a driver in shaping taste in China as in the West, adds extra allure, as does the astronomical value of his art. The 103 paintings, sculptures and drawings in the show are worth close to $1 billion.

“The Village Dance” (1922) exhibited in the industrial space of the Ullens Center for Contemporary Art.
“The Village Dance” (1922) exhibited in the industrial space of the Ullens Center for Contemporary Art.

“People are coming in part because he is very famous and very expensive,” said Philip Tinari, the director of the UCCA gallery.

Another big question raised by the show is whether China will learn about projecting soft power from one of the globe’s best at this, France. The Musée National Picasso-Paris lent the 103 works for the exhibition.

When President Xi Jinping of China met the French president, Emmanuel Macron, in the spring, both men publicly blessed the show. But a last-minute glitch having to do with China’s strict customs policies almost scuttled the opening.

“The sticking point wasn’t censorship,” Mr. Tinari said. “It was that the works are so valuable.”

As the deadline for the opening loomed in early June, Chinese customs insisted on a $225 million deposit — 25 percent of the value of the works — as a kind of sales tax, treating the art as if it was to be sold. That amount was to be paid by the gallery before the pieces arrived.

But the art was not for sale. So the French foreign minister, Jean-Yves Le Drian, who happened to be in Beijing at the end of April for a gathering of world leaders to discuss China’s global infrastructure program, asked his Chinese counterpart, Wang Yi, to persuade customs to forgo the deposit. And it did.

By June 10, the works had arrived on nine different planes from Europe, and were then installed in the vast industrial space of the UCCA gallery.

Primary school students come in groups with their art teachers, all part of an exercise of what is referred to in China as improving the “good taste” of young children.

One father had picked up his daughter from a tough math exam, and brought her immediately to the show to join her classmates so she could “relax and learn” at the same time.

Taking a picture of Picasso’s “Self-portrait” (1901).
Taking a picture of Picasso’s “Self-portrait” (1901).

David Zhang, 42, an art instructor, assembled his group of restless 9-year-olds before the star piece of the show, a melancholy 1901 “Self-portrait” painted in somber shades of blue, the face a ghostly faint gray. It was painted after the death of a friend.

Mr. Zhang, also an artist, looked the part in a crisp round-collared white shirt, rimless glasses, short cropped hair and an old-fashioned tan leather camera bag slung over his shoulder.

“Just feel it, stand in front of it — this is the original painting,” he said.

Some paid attention, others wriggled. “The color of the skin is not true human skin color,” he said. “How would you call it?”

“They get really excited seeing the real paintings,” Mr. Zhang said, as he pushed through the crowds.

The curators chose a 1906 self-portrait in pale pink-and-white tones with big black eyes as the leitmotif of the exhibition. The painting bears an eerie resemblance to characters in Japan’s animated movies and graphic novels known as manga, one of the most celebrated foreign art forms in China.

The pastel image appears on the show’s catalog cover, advertising posters outside the gallery and shopping bags in the store.

It was a good marketing choice, said Wang Xingwei, a well-known Beijing painter, who has exhibited at the Guggenheim Museum in New York, and dropped by the show one evening to check out the response.

Like manga, the self-portrait was “cute,” Mr. Wang said, offering a novel interpretation of the young Picasso. “Cute is a popular, important word in China now.”

The portrait was not the most complicated work in the show, he said, but it fit with the moment and appealed to the crowd, which jostled to get a better view.

Lunar | 7月 28, 2019

云月荣获消费升级产业最佳投资机构TOP20称号 蝉联十佳并购投资机构

融资中国发布2018-2019年度中国股权投资产业榜单。云月Lunar被评为中国消费升级最佳投资机构TOP20,云月控股执行合伙人吴红平先生荣获中国消费产业升级十佳投资人物称号。同时云月再次被评为中国十佳并购投资机构,云月控股执行合伙人宋斌先生荣获中国十佳并购投资人物称号。

Lunar | 7月 19, 2019

在不到一个月的时间里,超过10万人在北京观看了毕加索巨作,创下了纪录

Visitors to the UCCA Contemporary Art Center's "Picasso – Birth of a Genius" exhibition.

Less than a month into its run, a Pablo Picasso exhibition in China is already drawing massive crowds.

“Picasso – Birth of a Genius,” a blockbuster show on view at the UCCA Contemporary Art Center in Beijing, has reportedly already broken at least one record. According to the museum hosting the exhibition, as of July 1, 134,000 people have seen the show, which runs through September 1. That means that, on average, about 8,930 people have attended the exhibition each day since it opened on June 15.

“We’ve already had more than one record-breaking day since the show opened on June 15th, with 12,268 people visiting UCCA, on Sunday, June 23—this almost doubled the previous record, set a week earlier,” a UCCA spokesperson told ARTnews. “We have been managing the flow of guests through the exhibition to ensure the best visitor experience possible, and are confident that this record will be broken again during the show’s three-month run.”

The UCCA’s Picasso show features 103 works from the Musée National Picasso-Paris and surveys the first three decades of the artist’s career. It is believed to be the largest Picasso exhibition ever held in mainland China, and press materials frame it as a sign of a strengthening relationship between the country and France, whose president, Emmanuel Macron, said in a statement, “We have decided that 2021 will be the year of cultural tourism between our two countries, and, I must say, all these initiatives, conceived in recent months and carried out together, are not a coincidence.”

Within the first 15 days of its run, the Picasso exhibition brought in about a third of the visitors to the UCCA’s most popular exhibition of 2018, its Xu Bing retrospective, which was seen by 365,506 people over the course of three months, according to an attendance survey by the Art Newspaper. The Xu show was reportedly among the top 50 most well-attended shows worldwide last year.

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Lunar | 7月 2, 2019

LACMA和UCCA带领客人進行探索

“The Endless Voyage of The Grand Nomad”, the third annual private party hosted by Princess Alia Al-Senussi and Dino Sadhwani during Art Basel Hong Kong was held on Thursday, 28th March 2019 at The Mills honoring both LACMA (Los Angeles County Museum of Art) and UCCA (UCCA Center for Contemporary Art). The night featured a who’s who of HK society plus luminaries from the art world. The theme this year of Exploration and Discovery is inspired by early maritime exploration during the Age of Discovery. It is the bridging of the East and the West through a confluence of cultures that allowed explorers to emerge from their voyages with powerful insights and influence towards the beginning of globalization — it is this spirit and inspiration that hosts envisioned to capture in this celebration of cultures and art.

As the culmination of Art Basel week and Art Month in Hong Kong — this event is brought together by two visionary leaders, Michael Govan of LACMA based in Los Angeles and Philip Tinari of UCCA based in Beijing. Both institutions are aspiring to make significant impact through visual arts in the U.S. and China and are committed to showcasing this harmony of cultures and celebrating arts in its many forms through this event.

Partnered with MGM Resorts Art & Culture, curated by Jason Swamy, founder of agency “Do What You Love”, produced by COI Communications, and consulted by Dejha Ti x Ania Catherine, guests were escorted from Mandarin Oriental, Hong Kong, to the venue with BMW’s private escort fleet. As guests arrived at the venue, there was an immersive theatre experience with enigmatic actors who played the eclectic crew members on board a vessel that has travelled through centuries across different lands together with its mysterious captain. Hosted at The Mills, a landmark revitalization project of formerly defunct cotton-spinning mills by Nan Fung Group, the space was completely transformed, allowing explorers to navigate the wonderful curiosities gathered along the way in this traveler’s den full of treasures. Guests were invited to the ‘Bizarre Bazaar’ which featured unique delicacies from around the world in a Moroccan themed marketplace area.

There were many surprises throughout the night as servers in costume were spotted roaming around in traditional Chinese outfits, inviting guests to try the local delicacies out of baskets they carried on a wooden stick across their backs, there was a secret Rum Bar where only those who were lucky witnessed a dance battle between a tap dancer and a flamenco dance on top of the bar platforms.

Spectacular performances from Vava — the hip-hop artist rose to fame through reality show “The Rap of China”, Antibalas — afrobeat band from Brooklyn, Benji B — Dj who reinvented music of runway in the Louis Vuittonfashion show, and BPM performers – acrobatic dance pushing physical limits, were lined up to draw cheers from adventurers during the party.

There were too many highlights to count as the crowd was enthralled by performance after performance from acts from East to West as well as dance sequences from Local talent. It lived up to the hype from last year and will certainly be remembered and a firm fixture as a must go to event in the calendar.

Teams from different industries and disciplines have gathered to create an event that celebrates and showcases the achievement of collaboration among people passionate about arts & culture. Taking place in a heritage venue in Hong Kong – the event is the representation of this powerful connection among people the celebration of art, performance, gastronomy, music and entertainment.

Some notable guests from the art world include: Alyiya Modi, Aaron Cezar, Abdullah Al Turki, Ann Philbin, Ayn Grinstein, Bo Young Song, Catalina Swiburn, Derek Sulger, Eugenio Re Rebaudengo, Jack Wadsworth, Katie de Tilly, Katie Kennedy, Marc Spiegler, Rui Huang, Selma Feriani, Stephen Little, and Suzy Wadsworth, just to name a few.

Some notable guests from the fashion and entertainment world include:Amanda Strang, Eugenie Niarchos, Fiona Xie, JW, and Wesley Wong.

Some of the local prominent guests include: Alan Lo, Alison Chan, Amanda Cheung, Caroline Fok, Christine Fok, Christopher Owen, Edward Tang, Emerald Shek, Gilbert Yeung, Ivan Pun, Jonathan Cheung, Lester Lam, Luke Fehon, Pearl Shek, Sean Lee-Davies, Stephnie Shek, Victoria Tang Owen, and Yenn Wong.

The hosts, Princess Alia Al-Senussi and Dino Sadhwani, has successfully organized yet another entertaining and eye-opening event for the third consecutive year. It is hoped that the event will continue the success in connecting art, entertainment and culture for the audience in the coming year.

About Princess Alia Al-Senussi

Princess Alia Al-Senussi is a patron and academic, has just completed her PhD in Politics at SOAS (UCL London). She has a degree in International Relations and Middle East Studies, a masters in Political Science and a MSc in Law, Anthropology and Society. Alia works to promote various institutions and non-profit organisations through the arts and their overlapping interests with fashion and business. She holds a variety of non-profit board and committee positions that promote young patronage of the arts in Londonand collecting in the Middle East. She is a founding member of the Tate’s Acquisitions Committee for the Middle East and North Africa, the Board of Patrons of Art Dubai and the Middle East Circle of the Guggenheim. She served as Chair of the Tate Young Patrons and is a founding International Co-Chair of The Chinati Foundation Contemporaries Council, as well as a member of the Committee for the Serpentine Gallery Future Contemporaries group. Alia served on the Board of Trustees of the ICA London and currently sits on the Board of Trustees for the Global Heritage Fund UK. She works as the VIP Representative for the UK and the Middle East and consultant for Art Basel, as well as Advisor for Arts & Culture to Milken Institute and holds various ambassador and executive roles.

About Dino Sadhwani

Raised in Singapore and with family roots in Hong Kong, Dino Sadhwaniattended university in Los Angeles and has been a passionate entrepreneur from a young age. Dino set up his first business at the age of 15, and in the years since, has developed multiple ventures in the areas of real estate, food and beverage, wellness, commodities, venture capital, and supply chain management that operate in many countries around the world.

He co-founded Iris Group in 2007. Of which, his first company ‘Iris International’ specializes in China product sourcing and logistics management. The company has continually grown focusing on building long-lasting client relationships based on integrity and trust. In his spare time, Dino enjoys football, tennis, mathematics, travelling and, most importantly, spending time with his three kids.

As a visionary young entrepreneur, Dino has successfully honored the Los Angeles County Museum of Art (LACMA) for the past two years during Art Basel. He is a vibrant art lover, with a sharp investment point of view.

The celebration of LACMA serves to offer a unique alternative for lovers of art and culture. The ethos of his event is to eradicate cultural bias and create a sense of unity. Hong Kong, being his home, is blessed with rich heritage as well as its many quirks. These acts as the perfect canvas in which he can bring his vision to life, and in turn, showcasing this vibrant city in all its glory to an international audience.

About LACMA

Located on the Pacific Rim, LACMA is the largest art museum in the western United States, with a collection of nearly 140,000 objects that illuminate 6,000 years of artistic expression across the globe. Committed to showcasing a multitude of art histories, LACMA exhibits and interprets works of art from new and unexpected points of view that are informed by the region’s rich cultural heritage and diverse population. LACMA’s spirit of experimentation is reflected in its work with artists, technologists, and thought leaders as well as in its regional, national, and global partnerships to share collections and programs, create pioneering initiatives, and engage new audiences.

For more information, visit lacma.org.

About UCCA

UCCA Center for Contemporary Art is China’s leading contemporary art institution. Committed to the belief that art can deepen lives and transcend boundaries, UCCA presents a wide range of exhibitions, public programs, and research initiatives to a public of more than one million visitors each year. UCCA Beijing sits at the heart of the 798 Art District, occupying 10,000 square meters of factory chambers built in 1957 and regenerated in 2019 by OMA. UCCA Dune, designed by Open Architecture, lies beneath the sand in the seaside enclave of Aranya in Beidaihe. Formally accredited as a museum by the Beijing Cultural Bureau in 2018, UCCA also operates non-profit foundations, licensed by the Beijing Bureau of Civil Affairs and the Hong Kong government. UCCA’s commercial ventures include the retail platform UCCA Store, the children’s education initiative UCCA Kids, and collaborations and projects under the rubric UCCA Lab. Opened in 2007 and revived by a committed group of Chinese and international patrons in 2017, UCCA works to bring China into global dialogue through contemporary art.

About MGM Resorts Art & Culture

MGM Resorts International Art & Culture focuses on commissioning, collecting, supporting and presenting contemporary art in and around MGM Resorts’ destinations globally. Currently the MGM Resorts Art Collection includes more than 800 pieces by over 200 artists.

MGM Resorts Art & Culture was established in 2016 to encompass all of MGM Resorts’ collections and varied art-related initiatives and partnerships to develop a comprehensive, multifaceted arts program. Reflecting the company’s core values of inclusivity and diversity, MGM Resorts Art & Culture aims to create special, accessible experiences for all audiences. Each project thoughtfully considers the artist, the environment, and the overall experience, recognizing the power of art to evoke emotion, engage the senses, and spark conversation. Art is prevalent throughout MGM Resorts distinctive world-class brands including Bellagio, ARIA, Vdara, MGM Grand, and Delano Las Vegas; as well as MGM National Harbor outside of Washington, D.C., MGM Springfield in Massachusetts, and internationally at MGM MACAU and MGM COTAI.

Examples include works by Alice Aycock (National Harbor, Maryland), Jenny Holzer (ARIA, Las Vegas), Antony Gormley (ARIA, Las Vegas), Maya Lin (ARIA, Las Vegas), Robert Rauschenberg (Bellagio, Las Vegas), Nancy Rubins (Vdara, Las Vegas), James Turrell (ARIA, Las Vegas), among many others.

About Jason Swamy

Jason Swamy is creative visionary and thought leader that has helped shape cultural zeitgeist through art, music, food, wellness, thought leadership and community building. He’s best known for his involvement with the legendary Robot Heart, award winning Wonderfruit and critically acclaimed Future Future.

He is highly sought after globally for his creative, curation and experience design ability. He’s a tastemaker that has influenced many. Always pushing boundaries, his work defies definition.

Swamy has worked with A-listers from tech leader Eric Schmidt, 3 Star Michelin Chef Gaggan, Grammy Winner Skrillex to award winning hotels like The Upper House, NASDAQ liste tech behemoth Netease and innovative casino group Melco Crown to name but a few.

About COI Communications

COI stands for Collection of Individuals — we curate the best collection of talent from our core team, our vendors and collaborators and clients – because we believe that a group of likeminded and determined individuals working together in tandem can create a force strong enough to break traditions, assumptions and expectations.

Based in Hong Kong, COI Communications is a boutique events & communications agency founded with a curious spirit and a specific objective: to offer businesses a new way to engage their audience in its most genuine, yet creative form.

We don’t believe in using the same formula for each project. This is why we surround ourselves with talented crafters, eccentric creatives and disruptive thinkers to ensure that each project, no matter the size or scope is as unique and enjoyable to its end users as it has been for our team to create.

About Ania Catherine & Dejha Ti

Ania Catherine is an artist and director based in Los Angeles. Her work merges performance, film, and choreography and has been shown internationally at the British Film Institute, Art Basel Hong Kong, Peacock Theatre (London), LA Center for Digital Art among others. She has designed performance installations for brands and institutions such as Adidas, LACMA and Thinx and holds a master’s degree in gender and politics from the London School of Economics. Dejha Ti is a Los Angeles based immersive experience designer with no allegiance to any one medium. Her work integrates environments, bodies and creative technology.

About The Mills

The Mills, a landmark revitalisation project completed in December 2018 by Nan Fung Group, integrates three formerly separate mills of Nan Fung Textiles in Tsuen Wan into a coherent complex, encompassing a business incubator, experiential retail, and a non-profit art and cultural institution (CHAT), inviting visitors to an authentic Hong Kong story where the theme of textile is re-invented into creative experiences. CHAT’s inaugural season in March presents a historic exhibition of HK’s textile industrial history and a contemporary art exhibition featuring the works of 17 artists from the Asia Pacific region.

This article is published by PRNewswire



Lunar | 4月 9, 2019

一個埋在中國海灘上的美術館

Buried beneath a sand dune, in the beach town of Beidaihe, nestles one of China’s newest art galleries. An offshoot of the Ullens Centre for Contemporary Art in Beijing, 300km away, the ucca Dune is unlike any other cutting-edge art museum in China. Most are high-profile architectural statements, erected in the middle of bustling cities. The Dune is subtle and secluded, its galleries unfolding against the backdrop of the sands.

Interdependence with the landscape and the local community is at the heart of the Dune’s purpose. It aims to be sustainable ecologically as well as financially, and to help protect the environment rather than destroying it. “Our work was not just to design a physical structure,” says Li Hu of open Architecture, one of the overseers of the project, but to “dream up an entirely new type of institution.”

Mr Li wanted to create a gallery that was not “juxtaposed” to its environment but “merged into it”. Instead of placing the museum on top of the dunes as was originally planned, he decided to bury the building beneath them to preserve the coastal ecology. The structure is heated by geothermal energy; its walls and windows and the wooden tables in its café were handmade from local materials, a tribute to the craftsmanship of the Hebei region. Because the museum is lit naturally by skylights, visitors’ experiences of the artwork will vary with the seasons and time of day.

The Dune’s interiors are meant to cultivate an intimacy between viewer, work and space. “Going to a museum in China often feels like going to a shopping centre,” says Mr Li—an experience of rushed consumerism, typically characterised by large crowds and smartphone selfies. By contrast, the Dune’s subterranean galleries invoke the caves in which the most primitive human art was first daubed. The design was inspired by Louis Kahn, a 20th-century American architect who envisaged museums as a “society of rooms”, which foster interaction and encourage people to slow down. Given the isolated location, visitors will have to make a deliberate “pilgrimage to the art”, as Mr Li puts it, rather than just a hurried urban fly-by.

“After Nature”, the inaugural exhibit (curated by Luan Shixuan), focuses on a pertinent subject: the future of humanity’s relationship with the natural world. Each of the nine contemporary Chinese artists in the show engages cleverly with the space that their work occupies. Visitors standing in front of Liu Yujia’s “Wave”, a digital diptych featuring aerial footage of waves rushing against the coast, need only to turn around to find themselves looking out at the Bohai Sea. Beyond a glass door lies Zheng Bo’s “Dune Botanical Garden”, a work of bio-art made of transplanted local weeds that also functions as a museum garden. Nearby stands “Destination”, an installation by Na Buqi, which comprises an overturned billboard advertising an eerily photoshopped beachside getaway.

Ms Na’s contribution is a wry commentary on the museum itself. Its location, Beidaihe, is well-established as both a summer retreat for Beijing’s political elite and a popular beach resort for domestic tourists. Cranes crowd behind the dunes, supervising construction work by Aranya, a Chinese developer that also funded and built the museum. Much as the Dune wants to attract visitors, a big influx might threaten its sustainable vision: like that forlorn billboard, a picture-perfect ideal risks being compromised by the double-edged forces of consumption.

This article appeared in the Books and arts section of the print edition under the headline “The sands of time”

Lunar | 2月 9, 2019