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Hong Kong housing group urges access to MPF savings for home buys
The proposal comes as it argues recent cuts to MPF administration fees would increase members savings, and says restrictions should be relaxed for younger buyers under 40.
A Hong Kong housing advocacy group is urging the government to allow residents to use part of their Mandatory Provident Fund pension savings to buy homes, citing a window created by recent reductions in MPF administration fees. The Federation of Public Housing Estates said the fee cuts would generate higher savings for its 4.8 million members and could support relaxing withdrawal limits.
The group specifically called for flexibility for younger families, especially those under 40, who want to purchase homes. Chairman Man Yu-ming said allowing greater MPF use would be especially helpful for families looking to buy property, according to the SCMP Economy.
A vice-chairman who is also a lawmaker, Scott Leung Man-kwong, proposed allowing partial pension withdrawals for home purchases to balance home ownership with retirement protection. He said the amount may not cover a full down payment, but it could help offset expenses, and pointed to Singapore as an example where residents can withdraw a proportion of pension savings under conditions that require refunds if the property is sold.