Hong Kong: Starting from February 28, "Easy Pay" will be expanded to cover transactions of second-hand residential properties.

On February 5th, the Hong Kong Monetary Authority, the Hong Kong Association of Banks, the Hong Kong Law Society, and the Estate Agents Authority jointly announced that the "e-sheung ye" property transaction payment arrangement will be extended to include second-hand residential property transactions in Hong Kong starting from February 28, 2026. Under the "e-sheung ye" arrangement, the buyer's mortgage loan funds will be transferred to the seller's bank through an electronic payment system between banks, and the seller can receive the proceeds from the sale on the same day of the transaction at the earliest. Compared to traditional payment methods, which involve the exchange of checks through the bank accounts of the two lawyers, "e-sheung ye" is a faster and more secure option. Those interested in using "e-sheung ye" can inform their real estate agents to include relevant terms in the provisional sale and purchase agreement. Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, stated: "The HKMA has been committed to promoting electronic payments for property transactions to enhance efficiency and security. As the application of 'e-sheung ye' becomes more widespread in the mortgage market, its scope will be expanded to cover second-hand residential property transactions. We encourage the public to actively use the new arrangement and sincerely thank the Law Society, Estate Agents Authority, Consumer Council, and other stakeholders for their valuable feedback and assistance in further enhancing measures to provide a more secure and faster payment option for both buyers and sellers." Sun Yu, Chairman of the Hong Kong Association of Banks and Vice Chairman & CEO of BANK OF CHINA (Hong Kong) Limited, stated: "The Hong Kong Association of Banks has been conducting research since 2023 to expand the scope of 'e-sheung ye' to cover second-hand residential property transactions. After in-depth research, wide consultations, and considering the opinions of the industry and relevant stakeholders, the plan introduced today was formed. The banking industry is fully prepared in terms of the operational systems, processes, and internal guidelines for 'e-sheung ye,' and is currently providing training to various frontline units to ensure all configurations are in place. 'E-sheung ye' will provide a secure electronic payment solution for property transactions, promoting digitization of mortgage loan processes." Tang Man Lung, President of the Law Society, said: "'E-sheung ye' is not a completely new concept and has been smoothly implemented in mortgage transactions. As electronic payments become more common in Hong Kong, the Law Society believes that expanding this arrangement to include second-hand residential property transactions is a natural progression in line with the development of the times and technological advances, and the Law Society supports this. Different payment methods are suitable for different transactions, and each property transaction is different. Lawyers oversee transactions and provide legal advice to help manage risks effectively." Sammy Leung, Chief Executive of the Estate Agents Authority, commented: "The Estate Agents Authority fully supports the extension of the 'e-sheung ye' property transaction payment arrangement by the banking industry to include second-hand residential property transactions in Hong Kong. Over the past year, we have actively communicated with the HKMA and the Hong Kong Association of Banks on the details of 'e-sheung ye' and acted as a bridge of communication between them and the estate agency industry. The Estate Agents Authority encourages estate agents to introduce 'e-sheung ye' to clients when handling second-hand residential property transactions so that clients can understand the benefits it can bring and make the appropriate choice of payment method."