(Yicai Global) Sept. 2 -- Shanghai has opened China's first bonded warehouse for imported vehicles, with Maserati snatching the first two slots of tax-free exhibition space.

The eastern city's imported car market stepped into an era of taxation-upon-sales when two Maseratis were transported to the 50,000-square-meter garage of the Shanghai Waigaoqiao Free Trade Zone yesterday, local newspaper Wenhuibao reported.

A bonded storage can provide a fast track for domestic clients to get access to luxury vehicles, said Shu Yong, deputy director of the Waigaoqiao FTZ. Next, the area intends to attract more clients.

The benefits are clear. "We had to pay taxes in the import link before," said Ma Lingyuan, business and sales director at Maserati China Cars Trading. "The total cost of a batch of hundreds of vehicles was as high as hundreds of millions of yuan."

"After the bonded storage function landed, we need to find a customer for the vehicle before paying taxes, so the company’s operating and capital costs are greatly reduced," she added.

The Bologna-headquartered carmaker is planning to import more than 1,600 cars in early September.

Established in 2013, the China Shanghai Pilot Free Trade Zone includes four customs supervision areas, including the Waigaoqiao FTZ. The zone tests special economic policies involving foreign investment and trade.

Editor: Emmi Laine, Xiao Yi