A new cross-border payment regime letting Macao and Hong Kong homebuyers bypass the current daily remittance cap when purchasing property in Guangdong province is set to come into effect 26 February, the South China Morning Post reports.
CEO of the Hong Kong Monetary Authority Eddie Yue Wai-man said the key issue now was making sure the policy “can be conducted smoothly.”
The new payment system will enable Macao residents buying real estate in mainland cities within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to transfer the full purchase price through their banks without facing a daily remittance cap of 80,000 yuan.
Yue said the system would help further integrate Macao and Hong Kong into the GBA.
Hong Kong banks were reportedly briefed by the People’s Bank of China on the system last month. “Banks will also need to inform their clients about the new arrangements, which will make it easy for those who want to buy properties in the Greater Bay Area,” said Yue.
Several Guangdong cities have already introduced measures making it easier for Macao residents to purchase property there, in bids to shore up sluggish real estate markets caused by low internal demand.