Chung Chi College held its second talk of the 75th anniversary Excellence Talk Series on 11 April, with the theme “Prosperous Aging” aiming to provide tips for people concerned about a redundant retirement. Two internationally renowned professionals, Dr. Chan Tak Lam Norman and Professor Lin Zhixiu, were invited to share insights on financial planning for retirement and Chinese medicine conditioning respectively, and over 600 attendances participated in the event.

Wise Management of Finance for Retired Middle Class

The morning session was delivered by the Chaiman of the Chung Chi College Board of Trustees, Dr. Chan Tak Lam Norman, who is also Vice-Chairman of the CUHK Council and the former Chief Executive of the Hong Kong Monetary Authority (HKMA). Dr. Chan delivered a talk and shared his insights on “Wise Management of Finance for Retired Middle Class”. Professor Lo Yuk Ming, Vice-Chancellor and President of CUHK, also attended the talk.

Dr. Chan started his talk by pointing out the three pillars for elder middle class: good health, secure assets and a happy attitude. He then described the three financial pillars for retirees and the financial changes that Hong Kong’s middle class usually face after retirement. He explained that, as the tradition of parents depending on their children is loosening, without a working salary, an employee medical care plan, and a lifetime pension arrangement, the middle class in Hong Kong may experience financial hardship – an “poverty phenomenon” – after retirement.

The characteristics of the phenomenon – or the hardship that the middle class faced include the expenses for Government Rent and Rates on their fully paid-up valuable properties, and low-interest income from their steady investments such as fixed deposits or bonds. Consequently, they may face an insufficient cash flow or even a lower standard of living due to an extended life expectancy. Dr. Chan said he had already noticed the phenomenon when he was the Deputy Chief Executive of the HKMA and had figured out a relief solution for it – utilising the lacking liquidity assets to create a lifelong cash flow.

This brought the talk to the introduction of the product “HKMC Retire 3” offered by The Hong Kong Mortgage Corporation Limited (HKMC). Mr. Li Ling Cheung Raymond, former Chief Executive Officer of HKMC, who once worked with Dr. Chan for twenty years, was invited to be Special Guest for the Dialogue, to share the design and advantages of the product.

During his talk, Dr. Norman Chan explained the financial issues that Hong Kong’s retired middle class may face. In the right photo, Dr. Chan receives a commemorative gift of a Chinese folding fan from Professor Dennis Lo, Vice-Chancellor and President of CUHK. It features calligraphy by the late Professor Jao Tsung-i.

Mr. Li joined the HKMA in 1993 and served the institution for more than thirty years. During his tenure, he was transferred to the HKMC, serving as Chief Executive Officer until his retirement at the end of 2024. The “HKMC Retire 3” is a flagship product developed and promoted by Dr. Chan and him while they both served in their positions at the HKMA and HKMC.

HKMC Retire 3 consists of three individual products aiming to provide lifetime cashflow: the Reverse Mortgage Programme, the HKMC Annuity Plan, and the Policy Reverse Mortgage Programme. Dr. Chan and Mr. Li detailed the highlights of these products: the Reverse Mortgage Programme allows borrowers to receive monthly payouts while protecting against the volatility of property prices and interest rates; the HKMC Annuity Plan issues monthly annuities based on the amount of the premium paid, for throughout applicants’ entire lifetimes; and the Policy Reverse Mortgage enables monthly payouts by mortgaging applicants’ life insurance policies.

Dr. Chan stressed that inflation diminishes the purchasing power of one’s savings, and because there is no high-return investment with low risk, a longer life expectancy poses financial risks. He suggested several ways to protect assets – no greed and conformity, stable cashflow, diversified investment, and living within your means.

In the Q&A session, Professor Lo Luk Ming asked the first incisive question among those raised by the professionals. The questions were about enduring power of attorney, the right of inheritance, lump-sum payout for specific purposes, and comparison with similar products, etc. Dr. Chan and Mr. Li meticulously provided their answers, and Dr. Chan concluded the talk by wishing participants a wonderful elderly life and enjoying financial freedom.

Mr. Raymond Li was lively and engaging during the dialogue session, introducing the HKMC’s product “Retirement 3 Treasures” with Dr. Chan. The right photo shows Mr. Li being presented with the fan by Professor Kwan Mei Po, Head of Chung Chi College. The fan features a painting depicting the campus scenery in the 1960s.

Enhancing Sleep Quality with Chinese Medicine Therapy

The afternoon session was delivered by Professor Lin Zhixiu, Director of both the School of Chinese Medicine, CUHK, and the Hong Kong Institute of Integrative Medicine, CUHK, and a fellow of Chung Chi College, who shared his insights on “Enhancing Sleep Quality with Chinese Medicine Therapy”. To provide the audience with a basic understanding, Professor Lin has introduced the definition of insomnia, Chinese medicine therapies for insomnia, sleeping-aiding medicinal soups and an herbal pouch, and preventive measures for common cases.

Professor Lin explained that, from the perspective of traditional Chinese medicine, insomnia is caused by inadequate nourishment or unrest of the heart-spirit, and it is not only limited to being awake all night, intermittent sleep, or difficult falling back asleep after waking are also types of insomnia. Insomnia often leads to symptoms such as exhaustion, mental disturbance and heart-spirit restlessness, and amnesia, thereby hindering patients’ living quality.

In summarising common traditional Chinese medicine diagnoses, Professor Lin pointed out that the causes of insomnia are related to emotions, diet, and physical condition, and subsequently introduced various patent Chinese medicines, acupoint massage techniques, medicinal soups, and herbal pouches to aid sleep. The College also prepared twenty pouches for random distribution to the on-site audience.

Professor Lin also addressed insomnia cases related to dining practices, work stress and physiological factors of the elderly, and offered some practical daily life tips. In the Q&A session, Professor Lin clarified some misconceptions about medication use, dietary therapy, and lifestyle habits, and added that since everyone's constitution differs, the effects of Chinese medicine prescriptions and medicinal soups vary from person to person. He concluded by noting that Hong Kong's medical diagnoses are gradually moving toward collaboration between Chinese and Western medicine, helping to reduce the side effects that could be associated with pure Western drug treatments.

Professor Lin Zhixiu explained the causes and treatments of insomnia from Chinese medicine perspective in an accessible way. In the right photo, he is receiving the commemorative gift marking Chung Chi’s 75th anniversary from Dr. Chan and Professor Kwan.

Successive Announcement of Outstanding Celebration Events

At the end of the talk, the College took the opportunity to promote the “CC75 Anniversary Trip: Chung Chi Cruise Tour”. The tour is scheduled for 4 to 10 November and will enable all participants to experience a curated journey through Chengdu, Chongqing and the Yangtze River Three Gorges. By chartering the entire ultra-5-Star Century Oasis Cruise, hundreds of members from the Chung Chi community will be able to visit the Research Base of Giant Panda Breeding, Sanxingdui, Dujiangyan, and travel through the Three Gorges. The tour is now open for application. All Chung Chi alumni, teachers and students are welcome to join for a warm celebration.

The “Excellence Talk Series” will host two more talks in the future. On 25 April, the renowned actor and writer Dr. Brigitte Lin Ching Hsia will deliver on the theme “Inspiring Minds”, sharing how she has captured the beautiful scenery along life’s journey, with Professor Serena Jin Sheng Hwa, the Emeritus Professor of Translation, CUHK, hosts the talk.

The talk on 11 July, themed “Innovating the Future”, will feature Professor Chiu Wai Yan Philip, Dean of CUHK Faculty of Medicine, and Professor Chia Pun Kok Herbert, Senior Advisor of Alibaba Cloud Intelligence. They will introduce breakthroughs in medical engineering and artificial intelligence to showcase future possibilities for human society.