Housing Provident Fund for Shanghai Expats

What is Housing Provident Fund (HPF)?

The Housing Provident Fund (HPF) program is the largest public housing program in China which created in 1999 to enhance homeownership. This program involves a mandatory savings scheme based on labor income. Past deposits are refunded when the worker purchases a house or retires.

What are the HPF benefits?

Should any housing consumption occur within Shanghai (such as home purchasing, home renting or property service charges) the applicant is entitled to proceed with HPF withdrawal as per relevant regulations of Shanghai. HPF related personal income tax shall proceed in accordance with relevant tax regulations of China.

Can expats benefit from HPF?

Foreigners or overseas returnees with long-term foreign residence are both applicable. One must have applied for and acquired appropriate identity certificates as well as already established a labor (employment) relationship with a company in Shanghai.

Identity certificates include residence permits, work permits, and certificates for sanctioned employment of an overseas returnee who holds a foreign residence permit.

If an applicant dismisses or terminates the employment relationship, Housing Provident Fund account-blocking and transferring procedures shall be handled as per the current regulations of Shanghai.

How to withdraw from HPF due to a departure?

I. Scope of Application:

This applies to applicants terminating labor relationship with their employer, specifically planning to leave mainland China. There should be no outstanding provident fund loans, and the status of the individual account will be suspended or ending.

II. Place of Processing:

China Construction Bank or Shanghai Provident Housing Fund management center. Click HERE for a complete list.

III. Documents Needed:

1. Original identity certificate:

(1) Foreigners and those who have obtained permanent (long-term) residence abroad shall provide passports.

(2) Hong Kong and Macao residents shall provide Home Return Certificate or Hong Kong and Macao residence permits.

(3) Taiwan residents shall provide Taiwan identity card or Taiwan residence permit.

2. Reasons for withdrawal verification:

Certificate of termination of labor relationship with the employer.

3. Debit card:

The card shall be issued in Shanghai by one of the following 18 banks:

• Agricultural Bank of China

• Bank of Beijing
  

• Bank of China

• Bank of Communications

• Bank of Shanghai

• China CITIC Bank
  

• China Construction Bank

• China Guangfa Bank
  

• China Merchants Bank

• Everbright Bank

• Huaxia Bank
  

• Industrial and Commercial Bank of China

• Industrial Bank

• Minsheng Bank

• Ping An Bank

• Postal Savings Bank
  

• Pudong Development Bank

• Shanghai Rural Commercial Bank

IV. Processing Time:

Once all the required documents are submitted, it takes no more than 3 business days to process.

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Source: Shanghai Housing Provident Fund

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