Savings & Retirement
Hong Kong Pension Pot Shrinks 11% on China Market Turmoil
- Mandatory retirement fund lost $17 billion since start of 2021
- China and Hong Kong equities saw sharpest declines in assets
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It’s been a bad year for Hong Kong residents counting on Greater China for their retirement savings.
The mandatory provident fund -- Hong Kong’s pension system -- has lost about 11% since the start of 2021, walloped by China’s industry crackdowns and Covid Zero policy, which overshadowed gains in US assets. That erased HK$130 billion ($17 billion) in total, or about HK$28,300 for each account at the end of May, according to researcher MPF Ratings Ltd.