Hong Kong pension regulator MPFA moving to a smaller office at The Millennity in Kwun Tong

The Mandatory Provident Fund Schemes Authority and the eMPF will be moving to a single office in The Millennity

The downsizing will save the regulator HK$14 million (US$1.8 million) a year in rent, a spokesman said

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An aerial view of industrial and office buildings in Kwun Tong district. Photo: Sun Yeung

Published: 8:30am, 18 Apr 2023Updated: 11:19am, 18 Apr 2023

Corrected [11:18am, 18 Apr, 2023]

[11:18am, 18 Apr, 2023]
Corrects in the second paragraph to say eMPF is at Millennium City.

The Mandatory Provident Fund Schemes Authority (MPFA) is consolidating its offices in Hong Kong, joining a growing number of companies in cutting down on office space to save costs.

Hong Kong’s pension regulator and its centralised electronic platform eMPF will shut down their offices at Kowloon Commerce Centre in Kwai Chung and Millennium City in Kwun Tong, respectively, and relocate to The Millennity in the same district from April 24. The MPFA has been at Millennium City since 2006, and the regulator also has an office at the Kowloon Commerce Centre since 2016. Its eMPF Platform Company, set up in 2021, has its office at Millennium City.

The downsizing will save the regulator HK$14 million (US$1.8 million) a year in rent and reduce the total office area by more than 20 per cent, a spokesman for the authority said.

“The consolidation of office space will not only result in cost savings, but will also strengthen internal communication among colleagues, as well as between the MPFA and the eMPF, enhancing operational efficiency,” he said.

The Millennity in Kwun Tong has been developed by Sun Hung Kai Properties. Photo: Google Map

Hong Kong’s depressed office-rental market is showing signs of improving, with leasing activity picking up in February, as tenants took advantage of lower rents, which had fallen by 22 per cent over the past three years due to a glut of office space, according to Colliers. Last year, the overall office vacancy rate in the city stood at 14.4 per cent, the highest since 1998, official data published last month showed.