HKMC explores Greater Bay Area retirement home tie-ups for senior residents
About 10,000 senior residents spent US$586 million on HKMC annuity policies in the first five months of this year, CEO Colin Pou says
The Hong Kong Mortgage Corporation (HKMC), which has seen a surge in popularity for its retirement-related products, is exploring tie-ups with retirement homes in the Greater Bay Area to support residents planning to retire in the region.
Executives of HKMC, which is owned by the Hong Kong government, visited the Greater Bay Area cities of Shenzhen and Guangzhou recently to study retirement home operations, said Daniel Leong Ling-chi, CEO of HKMC Annuity, on Thursday.
“We are exploring cooperation opportunities with our retirement home partners so that the senior citizens who have bought our public annuity policies can use their monthly payments to use the facilities,” Leong said. No concrete deals have been made yet, he added.
HKMC CEO Colin Pou Hak-wan said they were also looking into whether the retirement homes would accept monthly payments from its annuity scheme holders as well as special deals.
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“The public annuity scheme is very popular and some annuity-scheme holders have expressed an interest in living in the Greater Bay Area due to its cheaper cost of living,” Pou said. “We are thinking of the next step on how to help senior citizens better use their annuity payments to support their lives after retirement.”
People aged 65 and above made up 22 per cent of the city’s 7.5 million residents last year, according to government data. Senior citizens are expected to account for 31 per cent of the population by 2036.