Shenzhen Housing Provident Fund Management Center will adjust the proportion of housing provident fund withdrawal for rental purposes starting from November 1, lowering it from the previous 100% to 80%. This move has attracted attention on social media.
According to a report by Shenzhen Special Zone Daily on October 24, the Shenzhen Housing Provident Fund Management Center revealed that the policy of “gradually increasing the rental withdrawal proportion to 100%” will expire on October 31. From November 1 to October 31, 2027, for employees without their own housing, they can withdraw 80% of the amount they should deposit monthly for rent from their provident fund.
For employees who apply for rental withdrawal on and after November 1, 2025, if there are months before November 1 that have not been withdrawn, those will be calculated separately and then combined into the total amount. However, for withdrawals before November 1 (excluding that day), the withdrawal rate will be 65%.
This policy applies to individuals and their family members who do not own commercial housing, policy-based housing, or affordable housing in Shenzhen.
Furthermore, the policy of “withdrawing based on actual monthly rent” for families with multiple children and employees renting public rental housing in Shenzhen will also be temporarily suspended.
Previously, the Shenzhen Housing Provident Fund Management Center had adjusted the rental withdrawal proportion. In November 2017, the withdrawal limit was raised from 50% to 65%. From November 1, 2023, to October 31, 2024, employees could withdraw 100% of the monthly deposit amount for rental purposes. In October 2024, Shenzhen Housing Provident Fund issued a notice to extend the 100% withdrawal policy until October 31, 2025.
Currently, China’s economy is facing downward pressure, layoffs and pay cuts are common, and residents’ incomes are decreasing, which has led to public concern following this announcement.
Netizens commented, “The provident fund isn’t much to begin with, and now you’re asking me to take even less of my own money.” “Even with 100% of the provident fund, it’s still not enough to cover rent. Now the source for rent payment is reduced.” “When it comes to using our own money, we still need approval from others.” “Even if we don’t withdraw, we have contributed. Salaries have not increased in 10 years, but rent goes up every year.”
“The real estate market is tough, and the measures are becoming stricter.” “If we don’t withdraw, it’s going to end up like social security.” “Understandable, but now we’re out of money.”