After more than a year on the market, the Ullens Centre for Contemporary Art (UCCA) has been bought for an undisclosed amount by several mainland Chinese investors, South China Morning Post reports. Philip Tinari, who is currently the director of UCCA, will continue to run the centre’s art programme in the 798 Art District of Beijing, under ‘a non-profit, tax-exempt foundation, a structure that should make it easier for the centre to find donors and give it more independence from the owners.’
Among the investors are Jerry Mao, a partner at Shanghai-based private equity firm Lunar Capital, an education business called Future Edutainment and founder of Focus Media, Jason Jiang.
The foundation’s board of directors, which is currently registered in Hong Kong and awaiting approval to be registered in Beijing, has yet to be announced.
9 October 2017
