Hong Kong's Mandatory Provident Fund Schemes Authority (MPFA) Chairwoman, Liu Mak Ka-hung, stated at a financial affairs committee meeting that a review of MPF investments in real estate investment trusts (REITs) has been completed. This year, the authority will continue to assess the scope of permissible MPF investments to include more diverse products, such as gold exchange-traded funds (ETFs). She further indicated that the next step involves exploring the direction for MPF investments in gold ETFs. With market advancements and changes, coupled with the government's aim to establish Hong Kong as a gold trading hub, new products or investment methods suitable for the MPF may emerge; this will be explored over the coming year. She mentioned that following the inclusion of REITs in the Stock Connect programs, plans are underway to allow MPF investments in REITs listed on the Shanghai and Shenzhen stock exchanges. Once a timeline for inclusion is established, the MPFA will act swiftly to implement the changes. Concurrently, the investment cap on REITs listed on five approved overseas exchanges will be removed. Liu also noted that the MPFA will complete a comprehensive review of the Default Investment Strategy (DIS) and formulate improvement recommendations by the end of 2026 to better meet the needs of scheme members. Regarding the eMPF Platform, Liu Mak Ka-hung pointed out that 12 MPF trustees and 22 schemes have successfully joined the platform. The remaining two industry schemes are scheduled to join by the end of March and the end of April, respectively. She stated that after the platform's launch, the average MPF administration fee is projected to drop to 0.29% next year, half the pre-platform level. Efforts to reduce fees will continue, with an initial expectation that administration fees would decrease to between 0.2% and 0.25% within 10 years of the platform's operation; now there is confidence this target can be achieved within five years. Liu also forecasted that the MPFA's total expenditure would decrease by a further 2% in the next fiscal year, resulting in a total reduction of 5% over three years. She mentioned that the government established the MPFA in 1998 with HK$5 billion. It is projected that by the end of March 2027, the balance will still be approximately HK$2.1 billion, but there is an operational deficit. A review of the registration annual fee is planned, with the goal of recovering all costs.