HONG KONG, (Reuters) – Hong Kong citizens who left the city in droves withdrew HK$2.604 trillion ($334m) from their Mandatory Provident Fund pension accounts during the third quarter 2021. This was 52.8% more than a year ago, according to government data.

The third quarter saw 9,300 claims, compared to 8,100 who took out HK$1.704 million in the same period of 2020. Data from Mandatory Provident Fund Schemes Authority was released Thursday.

An MPFA spokesperson stated that the increase in withdrawals was in keeping with “continuous inflows of contributions” and “accumulated investment returns overall.”

The spokesperson said that “Claimants might not be emigrants” and added that they could also include employees who leave the city after their job contracts end.

According to the MPFA, multiple claims can sometimes be made by one person.

China implemented national security legislation in Hong Kong last June 30, making subversion, terrorist acts, and collusion with foreign forces illegal.

Many Hong Kong residents and citizens fled Hong Kong after China passed the law. They took many billions from the Asian financial center.

The second quarter saw HK$2.095 trillion taken from MPF accounts for 8,000 claims. This is an increase of HK$1.931 miliarde on 7,700 claims during the first quarter.

In the twelve months ending in September, permanent departure claims rose from 30100 to 33600 claims to the end of September 2020 to reach 33,600.

($1 = 7.7886 Hong Kong dollars)