Annuity plan draws 9.4k registrations

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Annuity plan draws 9.4k registrations

The first tranche of the HKMC Annuity Plan received a total of 9,410 Subscription Intention registrations.

 

The plan was officially launched on July 5 with a first tranche issue limit of $10 billion.

 

Announcing the subscription results today, HKMC Annuity Executive Director and Chief Executive Officer Edmond Lau said the total subscription amount was $4.94 billion, with an average subscription amount of $525,000.

 

About 54% of the applicants registered their intent to subscribe for $500,000 or more, while about 30% of applicants registered their intent to subscribe for $1 million.

 

Around 62% of the applicants are aged 65 to 69 and about 23% are aged 70 to 74. About 15% of the applicants are 75 or above.

 

Mr Lau said he was satisfied with the outcome.

 

“That was actually within our expectation as that’s within our ceiling of $10 billion. And this is a new thing. Actually we have no idea how much it could sell in the end. So anything within this $10 billion ceiling is normal and is acceptable to us.”

 

HKMC Annuity will mail the allotment result notices to all applicants within one week starting September 17.

 

Based on random balloting results, it will arrange the completion of their application procedures starting from late September.

 

Click here for more information.

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