Hong Kong’s Airport Authority is partnering with a private company to develop a HK$300 million (US$38.28 million) art storage facility set to open next year, as the city looks to cement its position as a global hub for trading valuable works.

Speaking at a contract signing ceremony on Wednesday, authority CEO Vivian Cheung Kar-fay said Hong Kong was the world’s second-largest primary art trading market and a leading gateway connecting mainland China with the rest of the world.