Now why would China need this service!?!
Authored by Vince Lanci, GoldFix:
HONG KONG: SF Holding, China’s largest express delivery company, plans to open a gold vault near Hong Kong’s international airport in October, targeting capacity for 50 to 100 tons of precious metals as the city advances its ambitions as a regional bullion hub.
SF Holding is developing a two-section facility that will include safe-deposit boxes for high-value assets alongside dedicated precious metals storage, according to people familiar with the matter. The company, which holds Shanghai Gold Exchange certification as a logistics provider and serves major jewelry chains and mining companies across mainland China, did not respond to requests for comment. SF Holding is also the local partner for a London Metal Exchange-approved warehouse for base metals storage, though it is not yet a member of the London Bullion Market Association according to Mining.com.
The vault is being developed as a stepping stone for broader expansion into precious metals logistics, a market currently dominated by Brink’s Global Services, Malca-Amit Group, and Loomis AB.
Hong Kong is pursuing a parallel strategy to position itself as a primary gold trading center, with plans to launch a central clearing system for physical bullion trading later this year, expand total vaulting capacity to 2,000 tons within three years, and relaunch bullion futures contracts. City authorities have also been encouraging central banks to store reserves within Hong Kong.
Continues at GoldFix:
