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Today: Jun 13, 2024

Breaking News: Simplified Payments for Hong Kong and Macau Buyers in Bay Area

1 min read

TLDR: Hong Kong and mainland Chinese banks are preparing for a new cross-border payment regime that will allow Hong Kong and Macau homebuyers to transfer the funds needed to purchase property in the Greater Bay Area without facing the daily remittance cap of 80,000 yuan. Property buyers from Hong Kong or Macau will be able to transfer the entire amount through their banks to settle the deal. The new rules aim to enhance cross-border transactions and integration among the 11 cities of the Greater Bay Area.

Hong Kong and mainland Chinese banks are preparing for a new cross-border payment regime that will make it easier for Hong Kong and Macau homebuyers to transfer the funds they need to purchase property in the Greater Bay Area. Under the new rules, property buyers from Hong Kong or Macau who purchase real estate in the mainland cities of the bay area will be allowed to transfer the entire amount through their banks to settle the deal, bypassing the daily remittance cap of 80,000 yuan per day. Staff at Hong Kong and mainland banks have been briefed on the new payment remittance rules that were issued by the People’s Bank of China (PBOC) last month. Several lawmakers expressed support for the changes, stating that they will solve key pain points for Hong Kong people who want to buy property in the Greater Bay Area. The new rules are one of six new measures announced by the PBOC last month with the aim of enhancing cross-border transactions and integration among the 11 cities of the Greater Bay Area.