Expanded Hong Kong scheme allows resale homebuyers to pay sellers directly

Hong Kong’s de facto central bank said on Thursday it will allow most second-hand residential property transactions to be settled through direct bank transfers

, giving homebuyers and sellers a faster and safer alternative to cheque-based payments.

The Hong Kong Monetary Authority said the expanded Payment Arrangements for Property Transactions (PAPT) scheme would take effect on February 28, covering the bulk of resale home deals in the city. The announcement was made jointly with the Hong Kong Association of Banks, the Law Society of Hong Kong and the Estate Agents Authority.

Buyers and sellers who want to use the option can inform their property agent and add a clause to the provisional sale and purchase agreement. They may switch back to the traditional payment method up to eight working days before completion.

Officials said the expansion would cover close to 90 per cent of resale residential transactions, focusing on mainstream deals with relatively simple structures. A pilot conducted in the third quarter of 2025 involving 10 second-hand transactions showed the arrangement was workable, the HKMA said.