08 July 2024
The Management Committee of Shenzhen Municipal Housing Provident Fund (“the authorities”) issued the “Notice in relation to Renewal of the “Administrative Provisions of Housing Provident Funds Withdrawal in Shenzhen Municipality” (“the Notice”) on 8 July 2024. The authorities proposed that if the housing provident fund is withdrawn for purchase of housing, and the employee and his/her family members have one housing unit, the amount that can be withdrawn shall not exceed the account balance and the consideration of the house. If the employee and his/her family members have two or more housing units, the amount that can be withdrawn shall not exceed 60% of the account balance and shall not exceed the consideration of the house. The Notice came into force on 1 November 2019 and will be valid until 31 October 2029.