The Baoku Treasury, China’s largest underground vault has sold out 3,200 of first batch of 10,000 limited safes within one week after its opening on March 6. PROVIDED TO CHINA DAILY

As one component of the Guanfu Baoku project, the Baoku Treasury, China’s largest underground vault that has 30,000 private safe boxes, has gotten a warm welcome from local residents since its official opening in early March.

Within the first week, more than 3,200 of the first lot of 10,000 limited safe boxes — priced from $10,000 for 15 years — have been snatched up by customers rushing in from the city and other regions of the country.

“We chose the world-class building to contain the world’s largest private safe vault to help local residents store their treasured collections of artwork and artifacts within the best facilities,” said Liu Feiguo, founder and CEO of Baoku China, which oversees the Baoku project.

The 7,000-square-meter facility, which is located five levels beneath the Shanghai Tower, is equipped with security systems that are even more sophisticated than bank vaults, as well as hi-tech environmental controls that ensure precious art is stored under optimal conditions.

The Shanghai Tower, which stands at 2,073 feet high, is currently considered the tallest building in the country. Together with the Jinmao Tower and the Shanghai World Financial Center, the trio of high-rises anchors the city’s iconic Lujiazui area in Pudong district.

Most of the customers for the Baoku vault are local residents who have art collections and are looking for secure places to store them under the best possible conditions.

The rental market for safe boxes has been heating up in the past five years in Shanghai as many of the safe boxes offered by banks are inadequate for the kind of art and antiques wealthier people are collecting.

“The yearly cost for renting a safe-deposit box in a bank starts at around 300 yuan ($50) and they are used mostly by local residents to store their valuables in more secure facilities than their homes,” said Meng Yan, a bank clerk in Shanghai.

The pricier Baoku Treasury features high-standard equipment specially designed to protect those treasured collections. The purchase of Baoku safe boxes also includes free-entry to the Guanfu Museum and privileges on certain cultural-related activities.

With the Guanfu Museum and Baoku Art Centre, located on the 37th floor, the project aims to create an innovative art space offering visitors a combination of private collections from the Baoku Treasury and exhibitions from the Shanghai Guanfu Museum and Baoku Art Centre.

“The combination will offer more benefits and public service products to everyday people, not just professional collectors, in order to further develop China’s cultural service sector,” said Ma Weidu, the founder of the Shanghai Guanfu Museum, which has five exhibition halls containing more than 500 artifacts such as ceramics, gold pieces, antique furniture, Buddha statues and textiles.