Hong Kong’s Airport Authority plans to expand the capacity of its gold vault from 150 tonnes to 1,000 tonnes, in a bid to support the city’s ambitions of becoming a global trading hub for the precious metal amid fierce competition from Singapore.
The authority on Monday said it was finalising the expansion plan for the Hong Kong airport’s precious metals depository as the site was already “reaching full capacity” due to fast-growing demand.
In comparison, a newly built site near Singapore’s airport can store up to 500 tonnes of gold and 10,000 tonnes of silver.