This Day, That Year

Item from June 19, 1994, in China Daily: The safe-box business, opened on June 8 by the Trust and Investment Corp of the People’s Construction Bank of China, has become extremely popular in Beijing.

Thousands of people, particularly the capital’s nouveau riche, are depositing their fortunes for safe keeping.

Safe-deposit box leasing services have been booming nationwide amid growing security awareness.

People often stash valuable possessions such as documents, art and jewelry in these boxes.

At Bank of China, one of the leading providers of safedeposit boxes, annual leasing rates range from about 200 yuan ($30) to 1,000 yuan.

In addition to banks, private companies are also eyeing the market.

In March last year, Baoku Treasury, China’s largest underground vault, which has 30,000 safe boxes, opened in Shanghai.

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.

It also boasts high-tech environmental controls that ensure precious art is stored under optimal conditions.

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