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City housing provident fund now opens to expat workers
Online Edition
FOREIGNERS, overseas Chinese with permanent or long-term residency abroad, as well as residents in Taiwan, Hong Kong and Macau are now allowed to join the housing provident fund in Shanghai when they are employed by local employers and get working permits and residency permits in the city, the fund management center announced today.
If an employer and an employee agree on the participation, they will have to jointly pay 254 to 2,290 yuan per month into the fund on a 50 to 50% basis, so as local citizens do, said the Shanghai Provident Fund Management Center.
The money could be used by participating foreigners to buy or rent house, or to pay property management services.
Rules and regulations on housing provident fund loans for foreign residents will be made later.
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