Good news for Hong Kong and Macau homebuyers! A new cross-border payment regime will make it easier for Hong Kong and Macau homebuyers to transfer the funds they need to purchase property in the Greater Bay Area (GBA).

From 26 February 2024, Hong Kong and Macau homebuyers who purchase real estate in mainland cities in the GBA will be allowed to transfer the entire amount through their banks to settle the deal, no longer be limited to a remittance ceiling of RMB 80,000 per day (US$11240). The remittance limits have long been the major hurdles for people to transfer money to settle payment for property purchases.

A recent survey released by Bank of China Hong Kong mentioned that 46% of hongkongers were considering buying property in mainland cities in the Greater Bay Area. Among them, Shenzhen, Guangzhou and Zhongshan are the most popular locations. According to transaction statistics released by Centaline Group in 2023, property sales in GBA amounted to HK$4.64 billion and approximately 1199 transactions from 2021 to 2022.

The new initiative is one of the latest measures taken by mainland Chinese authorities to promote integration between the two special administrative regions and the nine Guangdong cities.