Chan Promises Land Reserve in Northern Metropolis for Gold and Commodities Storage
Crhk · 3 SOURCESabout 2 hours ago2 MIN
Summary
Financial Secretary Paul Chan Po-yun announced on September 28 that the government will definitively reserve land in the Northern Metropolis for storage of gold, commodities, and rare metals, while also reserving land for logistics purposes. Chan revealed that the government is studying measures to encourage other central banks and gold investors to store gold in Hong Kong, aligning with the long-term development strategy of related industries. The government has been reviewing land reserves for the industry to develop London Metal Exchange-approved industrial metal warehouses, with ongoing discussions with relevant enterprises to assist the sector in finding suitable locations.
Key Points
- The Northern Metropolis development plan will reserve land for gold, commodities, rare metals storage, and logistics, with government pledging flexible land use arrangements that can serve dual purposes or be converted between uses
- Development Bureau and related departments are assessing waterfront berths and waterway access, as commodity storage often involves shipping logistics that require such infrastructure
- The first five-year plan sets a target of producing 900 hectares of developable land in the Northern Metropolis over the next five years, with the government emphasizing its "very firm" commitment to Northern Metropolis development
- Chan met People's Bank of China Governor Pan Gongsheng in Beijing last week, with the PBOC expressing strong support for Hong Kong's international financial center construction and offshore renminbi business development
- The government aims to bring more Hong Kong-listed stocks into the dual-counter model for HKD and RMB trading, while building robust custody infrastructure enabling cross-collateralization of assets for financing
Why It Matters
The Northern Metropolis initiative represents Hong Kong's strategic push to position itself as a regional hub for commodity trading and gold storage, directly competing with established centers like Singapore and London . Chan's assurance of central bank support for enhanced renminbi liquidity arrangements signals Beijing's continued backing for Hong Kong's financial sector as the city navigates an increasingly complex geopolitical landscape .
The Northern Metropolis initiative represents Hong Kong's strategic push to position itself as a regional hub for commodity trading and gold storage, directly competing with established centers like Singapore and London . Chan's assurance of central bank support for enhanced renminbi liquidity arrangements signals Beijing's continued backing for Hong Kong's financial sector as the city navigates an increasingly complex geopolitical landscape .