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HONG KONG: A historic sell-off in Hong Kong stocks has dealt a blow to the nest eggs of the city’s millions of workers, saddling them with losses of about US$8,000 (RM37,624) each that may take years to recover.
The Mandatory Provident Fund (MPF) –Hong Kong’s official pension system – shed about HK$286bil (RM171.19bil) this year as of Monday, or HK$62,400 (RM37,387) per member, according to researcher MPF Ratings Ltd.
That puts the MPF’s year-to-date loss at around 24%, on track for its worst annual performance since 2008.
Introduced in 2000 to prepare for a rapidly ageing population, the fund mandates participation for most employees in the city, and is notoriously hard to withdraw.
That plan is drawing frustration at a time when stocks in Hong Kong are seeing a relentless slide, with President Xi Jinping’s tightening power grip casting greater uncertainties over the outlook for financial markets.
“The worst thing about the MPF is there’s nowhere to hide. You can’t choose 100% cash,” said 50-year-old Castor Pang, former head of research at Core Pacific-Yamaichi International.
“It’s like the government is forcing you to gamble,” he said. Pang switched most of his MPF assets to defensive funds in May, but still has to suffer a single-digit loss this year.
The steep losses in funds were driven by Hong Kong and China equities, the pension pot’s largest asset class.,
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Stocks in the city, a majority of which are mainland firms, are hovering near their lowest since the 2008-2009 global financial crisis, as Xi’s new term fuels worries that policies like zero-Covid and the state’s curbs over private enterprise may continue.
Just this year, Hong Kong’s benchmark Hang Seng Index has lost 35%, while another gauge of Chinese firms listed in the city shed 37%, among the worst worldwide.
Approximately 21% of MPF members’ money is invested in local shares, according to Francis Chung, chairman of MPF Ratings.
“I feel angry, sad, disappointed and frustrated. I can’t retire now,” said Lam, a 44-year-old analyst at a European asset management firm, asking to be quoted only by his last name when discussing personal investments.
After losing 30% over the past year, he recently moved some of his retirement money out of China and into balanced funds with more exposure to government bonds.
Part of the frustration also stems from a system that allows pension savings to fall into the hands of private asset managers, creating a lucrative business for them.
Investment returns are largely dependent on the performance of a range of funds offered by providers such as HSBC Holdings Plc and Manulife Financial Corp.
Residents are free to choose their own products within the pool, but employers and employees are mandated to each contribute 5% of a worker’s monthly salary into the scheme. The MPF has about 4.4 million contributing accounts in Hong Kong and about HK$1 trillion (RM599bil) in assets as of June. —Bloomberg,
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