What to know:
- SF Holding plans to launch a Hong Kong gold vault in October.
- The facility may store between 50 and 100 tons of precious metals.
- Hong Kong is expanding its gold storage and trading infrastructure aggressively.
- SF aims to grow its role in the precious metals logistics market.
SF Holding plans to launch a Hong Kong gold vault near the Hong Kong International Airport in October as the city expands its precious-metals infrastructure. The facility could store up to 100 tons of metals, supporting Hong Kong’s push to become a major global bullion trading, financing, and storage hub.
SF Holding Expands With Hong Kong Gold Vault
SF Holding, China’s largest express-delivery company, is preparing to open a Hong Kong gold vault as the city increases efforts to become a global precious-metals center.
Sources familiar with the matter said the Hong Kong gold vault is expected to begin operations in October inside SF’s complex near Hong Kong International Airport.
The planned facility will contain two sections. One area will offer safe-deposit boxes for valuable assets, while the second section will focus mainly on precious metals storage.
The Hong Kong gold vault is expected to hold between 50 and 100 tons of metals. People involved in the discussions said SF sees strong business opportunities in the growing storage market.
Rising demand from wealthy investors and government support for the bullion sector have encouraged the company to expand its commodities logistics operations. SF did not respond to requests for comment regarding the project.
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Hong Kong Gold Vault Supports Precious-Metals Push
Hong Kong has accelerated plans to strengthen its position in global bullion trading and storage. Authorities intend to launch a central clearing system for physical gold trading later this year.
Officials also aim to increase the city’s vaulting capacity to 2,000 tons within three years. The authorities have been asking the central banks to store the bullion in Hong Kong as a major component of their overall strategy to bring the commodities business from around the world to Hong Kong.
Meanwhile, the Hong Kong Stock Exchange is preparing to reintroduce bullion futures trading. The Hong Kong gold vaults project is seen as an indication of increased demand for secure storage facilities in Asian financial markets.
SF Expands Commodities Logistics Presence
SF offers experience in commodity markets. As a licensed logistics operator, it acts for the Shanghai Gold Exchange and assists jewelry stores and mines in China.
Also, SF works with one of the first depots recognized by the London Metal Exchange last year to store base metals such as copper.
However, SF is still not a member of the London Bullion Market Association, an accreditation that certain bullion merchants and banks insist on when choosing companies to move and store their bullion.
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