Hong Kong's monetary authority and banking association, together with the Law Society and the Estate Agents Authority, announced on February 5 that the "Easy Payment" property transaction payment arrangement will be extended to secondary residential property sales in Hong Kong starting February 28, 2026. Under the "Easy Payment" system, mortgage loan funds from buyers will be transferred to sellers' banks via an interbank electronic payment network, allowing sellers to receive proceeds from property sales as early as the transaction completion date. Compared with traditional payment methods, which require fund settlement through checks via lawyers' bank accounts, "Easy Payment" offers a faster and more secure alternative. Parties interested in using "Easy Payment" may notify their estate agents to include relevant terms in the provisional sale and purchase agreement.
The Chief Executive of the Hong Kong Monetary Authority stated that the authority has been committed to promoting electronic payments in property transactions to enhance efficiency and security. With "Easy Payment" already widely adopted in the mortgage refinancing market, its application will now extend to secondary residential property transactions. The public is encouraged to actively utilize the new arrangement. Appreciation was expressed to the Law Society, Estate Agents Authority, Consumer Council, and other stakeholders for their valuable input and assistance in refining the measure, providing a safer and faster payment option for both buyers and sellers.
The Chairman of the Hong Kong Association of Banks, who also serves as Deputy Chairman and Chief Executive of Bank of China (Hong Kong), noted that the association began research in 2023 to extend "Easy Payment" to secondary residential property transactions. After in-depth study and extensive consultation with industry players and stakeholders, the current plan has been formulated. The banking sector has fully prepared operating systems, procedures, and internal guidelines for "Easy Payment" and is currently providing training to frontline units to ensure synchronized implementation. "Easy Payment" will offer a reliable electronic payment solution for property transactions and promote the digitization of mortgage loan processes.
The President of the Law Society mentioned that "Easy Payment" is not a new concept, as it is already operational in refinancing transactions and functions smoothly. With the growing popularity of electronic payments in Hong Kong, the extension of this arrangement to secondary residential property transactions is a natural progression aligned with technological advancement, and the Law Society supports the initiative. Different payment methods suit different transactions, and each property transaction is unique. Lawyers play a crucial role in safeguarding clients' interests, providing legal advice, and assisting in risk management.
The Chief Executive of the Estate Agents Authority expressed strong support for the extension of "Easy Payment" to secondary residential property transactions in Hong Kong. Over the past year, the authority has actively communicated with the monetary authority and banking association regarding the details of "Easy Payment" and served as a bridge between them and the estate agency sector. The Estate Agents Authority expects estate agents to proactively introduce "Easy Payment" to clients during secondary residential property transactions, enabling them to understand its benefits and make informed payment choices.