24 January 2024
The People’s Bank of China, Guangdong Provincial Branch, State Administration of Foreign Exchange, Guangdong Provincial Branch (“the authorities”) issued the “Notice in relation to “Notice in relation to “Guideline to Facilitate Settlement and Payment of Mainland Real Estate Property Purchase for Hong Kong and Macao Residents””” (“the Notice”) on 24 January 2024. The authorities announced that the Guideline was applicable to newly built and second-hand residential properties for individual Hong Kong and Macao residents. Hong Kong and Macao residents may follow the procedures for settlement and payment when remitting funds in RMB or foreign currency from overseas for real estate property purchases. For detailed payment procedures, please refer to this Guideline. This Guideline shall be effective from 26 February 2024.