Why Hongkongers are retiring on the mainland, but it’s set to be a struggle for mainl

HONG KONG: For many Hongkongers, retirement is more about achieving financial stability than co-ordinating travel plans. Yet, many are finding a way to do both.


An increasing number of retirees are relocating to the mainland, where they can escape the high costs of living back home and stretch their dollars.

Mandy Lam, 58, is one who hopes to join their ranks. As a beautician, she earns between HK$20,000 (S$3,380) and HK$30,000 a month.


With daily expenditure of at least HK$500, however, and the occasional HK$1,000 splurge “on random things”, she worries as she nears the age of 65 that her income will not support a comfortable retirement in Hong Kong.

Her savings fall short of the amount she believes she will need — HK$3 million to HK$4 million — to cover housing and medical expenses in her later years.


Inflation is also putting a strain on her budget, with the ever-increasing cost of utilities, transport and food.


She remains hopeful of a change. “Having a million dollars in Hong Kong might be useless, but on the mainland, a million is different,” she said. “In the end, I don’t want to be like a calculator, counting every penny.”


While traditional elderly homes in Hong Kong can cost HK$8,000 to HK$14,000 per place per month, renting a two-bedroom apartment in some other cities in the Greater Bay Area can cost less than HK$3,000.

VIDEO/Article Why Hongkongers are retiring on the mainland, but it’s set to be a struggle for mainland seniors - CNA