University professor suffers lost of 300 million

With the dropping of HSBC share price, the MPF of many Hong Kong universities staffs are becoming lower values. If one professor is going to retire this year, it is estimate he will be lossing 300 million of his money.

One professor says, it is like being jobless for several years. And it is believe many will request for further service to extend their retire plan. Take Hong Kong Chinese University with 2600 staffs as example, those investment in Hong Kong stock suffers nearly 52% lost.

Other like HKUST and City University, having about 10% in their porfolio, and this costs about 46% drops in their retirement fund. Baptist University has 1025 staffs, with 20 going to retire this year. Hong Kong University has 1980 stass, and about 50 are going to retire within this year.

Many have choosen not to withdraw their money in the retirement fund, and hopefully after a few years, they manage to get back more money.

Source: http://hk.news.yahoo.com/article/090128/3/af1k.html

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