Hong Kong’s 3 million MPF pension fund members lose HK$7,752 each as coronavirus hits global markets

Hong Kong’s Mandatory Provident Fund lost a total of HK$23.26 billion (US$3 billion) during the first half of the year, according to calculations by the Post, as the outbreak of the coronavirus sparked a global market meltdown.That is HK$7,752 for each of the roughly 3 million people covered by the city’s compulsory retirement scheme.The HK$867 billion MPF lost an average of 2.68 per cent in the first six months, against an 8.4 per cent growth in the same period last year.It is the worst first…