A new contemporary art center will open in Shanghai, in the south wing of the renowned Peace Hotel, according to Artforum. The hotel, which has hosted such prominent guests as Charlie Chaplin, Mohammed Ali, and the former prime minister of China, Zhou Enlai, will temporarily house the new center for an undetermined amount of time. The Swiss watch manufacturer Swatch is to fund 90 percent of the $30 million project, which will include rooms for artist residencies in addition to the south wing. The owners of the Peace Hotel, hotel groups Jin Jiang and Fairmount, will share 10 percent of the costs while continuing to manage the hotel in the north wing of the building. The new wing and contemporary art center will open in May 2010, kicking off a world exhibition.