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The elderly population in Hong Kong choosing to retire in neighboring Guangdong province on mainland China has seen a 40.5% increase over the past decade, driven by improvements in retirement services and greater regional connectivity.
According to government data from last year, nearly 100,000 residents aged 65 and older from Hong Kong decided to spend their retirement years in Guangdong. This group makes up around 6% of the elderly population in the region.
The key factors attracting retirees northward include the lower cost of living, larger housing options, and more affordable property prices. Many seniors have expressed intentions to fully settle down and establish roots on the mainland.
To support this trend, local authorities have introduced policies encouraging elderly residents to consider retiring on the mainland. Initiatives include opportunities to buy beds in mainland nursing homes, providing options for seniors on waiting lists for care facilities in Hong Kong. Additionally, Guangdong offers financial assistance to eligible Hong Kong seniors who choose to relocate.
This arrangement appeals to many seniors, as they no longer need to wait lengthy periods, can benefit from subsidies, and help alleviate the strain on Hong Kong’s elderly care system while reducing healthcare wait times.
In May, Hong Kong’s Department of Health announced plans to collaborate with 12 medical facilities across nine mainland cities to facilitate easier access to outpatient care for seniors. Hong Kong residents can receive reimbursement for medical expenses through mainland public health insurance or purchase private insurance policies. They also have access to an annual HKD 2,000 (approximately USD 255) Health Care Voucher to cover outpatient fees at designated hospitals.
This migration trend has also prompted an increase in retirement institutions establishing facilities in the Greater Bay Area. Major insurance groups are introducing direct payment options for policies, enabling policyholders to gain access to retirement communities through point-based systems.
Furthermore, Taikang Medical Investment is seeking a life insurance license in Hong Kong and plans to establish a local subsidiary later this year, according to the company’s healthcare service manager.
Looking ahead, the next wave of retirees heading north is expected to mainly consist of seniors with stable but not ultra-wealthy financial means and those with limited private insurance coverage.
Despite its size, this market presents lucrative prospects for financial institutions in Hong Kong and Macau seeking to expand into mainland China.
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