Therefore, the provident fund cannot borrow money to buy a parking space.
Legal basis: Regulations on the Management of Housing Provident Fund
Article 2 These Regulations shall apply to the deposit, withdrawal, use, management and supervision of housing provident fund in People's Republic of China (PRC).
The term "housing accumulation fund" as mentioned in these Regulations refers to the long-term housing savings paid by state organs, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises, institutions, private non-enterprise units and social organizations (hereinafter referred to as units) and their employees.
Article 3 The housing accumulation fund paid by individual employees and the housing accumulation fund paid by the unit where employees work for employees belong to individual employees.
Article 4 The management of housing provident fund shall follow the principles of decision-making by the housing provident fund management committee, operation of the housing provident fund management center, special account storage and financial supervision.
Article 5 The housing accumulation fund shall be used for the purchase, construction, renovation and overhaul of self-occupied housing by employees, and no unit or individual may use it for other purposes.
Article 6 The deposit and loan interest rate of housing provident fund shall be proposed by the People's Bank of China, and submitted to the State Council for approval after consulting the construction administrative department of the State Council.