Core Insights - The Hong Kong Mortgage Corporation successfully issued a total of HKD 25.3 billion (approximately USD 3.3 billion) in multi-currency public benchmark bonds, marking the largest public bond issuance in its history [1] - The issuance included four tranches: HKD 10 billion 2-year bonds, RMB 5 billion 3-year bonds, USD 1 billion 5-year traditional bonds, and HKD 2 billion 30-year social responsibility bonds [1] - The issuance received strong demand from a diverse range of local and international institutional investors, with total subscriptions reaching approximately HKD 80 billion [1] Company and Industry Summary - The 30-year HKD social responsibility bond is the largest of its kind in Hong Kong's history and the first in the Asia-Pacific region aimed at supporting the Elderly Mortgage Scheme [1] - The Elderly Mortgage Scheme, part of the "HKMC Retirement Trio," aims to provide elderly homeowners with retirement planning solutions by unlocking property value for additional cash flow [2] - The average property valuation for applications under the Elderly Mortgage Scheme is approximately HKD 5.5 million, with an average monthly annuity of HKD 15,900 [2] - The bond issuance reinforces Hong Kong's position as a leading international bond issuance center and a premier offshore RMB business hub [2] - The record bond issuance demonstrates the effectiveness of attracting new investors to the Hong Kong capital market and reflects investor confidence in both Hong Kong and the Mortgage Corporation [2]

Group 1 - The Hong Kong government is cautious about allowing citizens to withdraw Mandatory Provident Fund (MPF) contributions for first-time home purchases, as it may undermine the integrity of the MPF system and its purpose of providing retirement savings [1][2] - The MPF is designed as a long-term investment to accumulate value over a member's working life, and early withdrawals could lead to a loss of accumulated benefits [1][2] - The Financial Secretary emphasizes the need for careful evaluation of the impact on retirement savings if members are allowed to withdraw MPF contributions for property purchases [2] Group 2 - The current mandatory contribution rate for MPF in Hong Kong is relatively low compared to other countries, and relaxing withdrawal requirements may hinder the MPF's ability to provide basic retirement protection [2] - Real estate investment carries higher risks than MPF fund investments, and using MPF for property purchases could diminish the advantage of risk diversification within the MPF system [2] - The demand for the Elderly Mortgage Scheme has increased since its launch in 2011, with over 8,200 applications approved as of April this year, and the number of approvals in 2024 has risen by approximately 30% year-on-year [2]