Expansion of Payment Arrangements for Property Transactions to Sale and Purchase of Residential Properties in the Secondary Market in Hong Kong (2026-02-05)

Circulars Email: HKMA E-mail Alert of 06 February 2026 (05:00 p.m. HKT)

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Document Information

Title: Expansion of Payment Arrangements for Property Transactions to Sale and Purchase of Residential Properties in the Secondary Market in Hong Kong (2026-02-05)

Type: Circulars

URL: https://brdr.hkma.gov.hk/eng/doc-ldg/current/20260205-1-EN

Email Received: 2026-02-06 19:48

Summary Created: 2026-02-06 13:05

English Summary (11354 chars)
Detailed Summary
Summary of HKMA Circular: Expansion of Payment Arrangements for Property Transactions to Secondary Market Residential Property Sales and Purchases

Document Overview

This Hong Kong Monetary Authority (HKMA) circular, dated 5 February 2026, announces a significant expansion of the Payment Arrangements for Property Transactions (PAPT), also known as 「置易付」. Building on its successful implementation for mortgage refinancing, PAPT will now be extended to facilitate the sale and purchase (S&P) of residential properties in the secondary market in Hong Kong. The circular outlines the purpose, mechanics, implementation timeline, and compliance requirements for Authorized Institutions (AIs), specifically those offering residential mortgage loans (Mortgage Banks), to adopt this new payment mechanism. The expansion is a collaborative effort supported by the HKMA, the Hong Kong Association of Banks (HKAB), the Law Society of Hong Kong, the Estate Agents Authority, and the Consumer Council, aiming to modernize and enhance the efficiency, security, and risk management of property transactions.

Main Content

The core of this circular is the official announcement and directive for the rollout of PAPT for the S&P of residential properties in the secondary market. This initiative is designed to provide an additional and streamlined payment option for both purchasers and vendors involved in these transactions.

  • Mechanism for PAPT for S&P:
  • In an eligible S&P transaction utilizing PAPT, the mortgage loan proceeds advanced to the purchaser will be disbursed directly by the purchaser's mortgage institution.
  • The disbursement will be made through the Clearing House Automated Transfer System (CHATS).
  • The primary recipient of these funds will be the vendor's mortgage institution, with the primary purpose of settling the outstanding balance of the vendor's existing mortgage loan.
  • Any surplus proceeds remaining after the settlement of the vendor's mortgage will be disbursed to the vendor's designated bank account. This payment to the vendor's account can occur as early as the same day as the disbursement.
  • In instances where the vendor does not have an outstanding mortgage loan on the property, the full sale proceeds will be disbursed directly to the vendor's bank account.
  • Background and Justification:
  • The PAPT was initially launched in November 2022, specifically for residential mortgage refinancing. Its objectives were to improve payment efficiency and security for property transactions and to mitigate credit and operational risks for AIs.
  • The success of PAPT in the refinancing segment is highlighted by its widespread adoption, with over 75% of eligible mortgage refinancing transactions at retail banks utilizing PAPT in 2025. This demonstrated success forms the foundation for its expansion into the S&P market.
  • The development of PAPT for S&P has involved extensive consultation with key stakeholders, including the banking industry, the legal profession, and the estate agency industry.
  • Pilot tests using real S&P transactions have been successfully completed by selected banks, validating the operational feasibility and benefits of the new system.
  • Essential implementation information was distributed by the HKAB to all licensed banks offering residential mortgage loans in September 2025, allowing for advance preparation.
  • Implementation Expectations:
  • Mortgage Banks are expected to provide PAPT for S&P transactions for residential properties in the secondary market where provisional S&P agreements are signed on or after 28 February 2026.
  • AIs are expected to have completed all necessary preparations for implementation by the effective date. This includes reviewing and revising their operating procedures, systems, and documentation.
  • Mortgage Banks must ensure their staff are well-versed in the operational details of PAPT for S&P.
  • They are required to be prepared to explain the features and benefits of PAPT for S&P to their mortgage customers and actively encourage its adoption where appropriate.
  • Adequate staff training and customer communication plans are essential.
  • Close collaboration with panel solicitors is crucial to ensure the smooth drawdown of mortgage loans facilitated by PAPT for S&P.
  • To promote adoption, Mortgage Banks are expected to make information about PAPT readily available on their digital channels and at branch locations.
  • The HKMA will monitor the implementation progress, including collecting data on Mortgage Banks' readiness and the adoption rate by mortgage customers.

Key Changes

  • Expansion of PAPT Scope: The most significant change is the extension of the Payment Arrangements for Property Transactions (PAPT) from mortgage refinancing to the sale and purchase (S&P) of residential properties in the secondary market.
  • Direct Disbursement to Vendor's Institution: Mortgage loan proceeds for purchasers will now be disbursed directly to the vendor's mortgage institution via CHATS for outstanding loan settlement, a departure from previous direct disbursement to the purchaser.
  • Same-Day Surplus Disbursement (Potential): Surplus proceeds, after settling the vendor's mortgage, can be disbursed to the vendor's designated bank account on the same day, enhancing cash flow for vendors.
  • Streamlined Payment Flow for Unmortgaged Properties: For vendors without outstanding mortgages, the full proceeds will be disbursed directly to their bank account, simplifying the process.
  • Mandatory Preparation and Implementation Timeline: A firm effective date of 28 February 2026 is set for provisional S&P agreements signed on or after this date. Mortgage Banks are required to have all preparations completed in time for this rollout.
  • Enhanced Customer Communication and Education: Mortgage Banks are mandated to actively promote PAPT for S&P, educate customers on its features, and make information accessible.
  • HKMA Monitoring and Data Collection: The HKMA will actively monitor the implementation of PAPT for S&P by Mortgage Banks, including tracking customer adoption rates.

Important Dates

  • November 2022: Initial launch of PAPT for residential mortgage refinancing.
  • September 2025: Distribution of essential information for implementing PAPT for S&P by the HKAB to all licensed Mortgage Banks for advance preparation.
  • 28 February 2026: Effective Date. PAPT for S&P for residential properties in the secondary market will apply to provisional S&P agreements signed on or after this date.
  • 2025: Period during which over 75% of eligible mortgage refinancing transactions at retail banks adopted PAPT.

Impact Scope

  • Applicable Parties:
  • Authorized Institutions (AIs), specifically licensed banks offering residential mortgage loans ("Mortgage Banks").
  • Purchasers of residential properties in the secondary market in Hong Kong who are obtaining mortgage financing.
  • Vendors of residential properties in the secondary market in Hong Kong.
  • Solicitors acting on behalf of purchasers and vendors.
  • Industry Bodies: HKMA, HKAB, Law Society of Hong Kong, Estate Agents Authority, Consumer Council.
  • Affected Institutions: All Mortgage Banks operating in Hong Kong are directly affected as they are required to implement and offer PAPT for S&P.
  • Degree of Impact:
  • High Impact: Mortgage Banks will need to invest in system updates, process re-engineering, staff training, and customer communication to ensure compliance and successful adoption.
  • Moderate Impact: Solicitors will need to adapt their processes to accommodate the direct disbursement mechanism and ensure seamless coordination with banks.
  • Low to Moderate Impact: Purchasers and vendors will have a new payment option to consider, potentially benefiting from increased efficiency and security. They will need to understand the features of PAPT for S&P to decide whether to adopt it.

Compliance Requirements

  • Preparation and Implementation: Mortgage Banks must complete all operational procedure reviews, system adjustments, and documentation updates to be ready for the 28 February 2026 effective date.
  • Staff Training: Ensure all relevant staff are adequately trained on the operational details, features, and benefits of PAPT for S&P.
  • Customer Communication: Develop and execute comprehensive customer communication plans to inform prospective and existing customers about PAPT for S&P. This includes making information available on digital channels and at branches.
  • Solicitor Coordination: Collaborate closely with panel solicitors to ensure smooth mortgage loan drawdown processes when PAPT for S&P is utilized.
  • Reporting (Implied): While not explicitly detailed as a formal report, the HKMA will collect information on Mortgage Banks' implementation progress and customer adoption rates. This implies a need for internal tracking and potential data provision to the HKMA.
  • Addressing Difficulties: Mortgage Banks experiencing challenges in meeting the implementation timeline are instructed to discuss these with the HKMA through their usual contacts in the Banking Conduct Department.
  • Promotional Activities: Actively encourage and promote the adoption of PAPT for S&P to customers where appropriate.

Technical Details

  • PAPT (Payment Arrangements for Property Transactions): 「置易付」 - A system designed to modernize and secure payment processes for property transactions.
  • S&P (Sale and Purchase): Refers to the contractual agreement for the buying and selling of a property.
  • Secondary Market: Refers to the market where existing properties are traded, as opposed to new developments.
  • Residential Properties: Properties intended for dwelling purposes.
  • Authorized Institutions (AIs): Financial institutions licensed by the HKMA to conduct banking business in Hong Kong.
  • Mortgage Bank: A specific designation for AIs that offer residential mortgage loans.
  • CHATS (Clearing House Automated Transfer System): The interbank fund transfer system in Hong Kong, facilitating electronic payments between banks.
  • Provisional S&P Agreement: The initial, preliminary agreement signed by the buyer and seller before the formal Sale and Purchase Agreement.
  • Mortgage Loan Proceeds: Funds disbursed by a bank to a borrower for the purpose of purchasing a property.
  • Vendor's Mortgage Institution: The bank that holds the mortgage on the property being sold.
  • Purchaser's Mortgage Institution: The bank providing the mortgage loan to the buyer.

Attachments, Tables, or Appendices

The provided document does not explicitly mention any attachments, tables, or appendices. However, it references a circular issued by the Hong Kong Association of Banks (HKAB) on the same day announcing the rollout. It also mentions that essential information for implementing PAPT for S&P was distributed by the HKAB in September 2025. These referenced documents would contain further operational details and guidance.

中文摘要 (4752 chars)
詳細摘要

好的，以下是根據您提供的香港金融管理局（HKMA）通函內容，所生成的詳細且全面的繁體中文摘要：

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香港金融管理局通函摘要

日期： 2026年2月5日
文件參考編號： B1/15C, B9/67C, B9/217C
發送對象： 所有認可機構 (Authorized Institutions, AIs)

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文件概述

本通函由香港金融管理局（HKMA）發出，旨在通知所有認可機構（AIs），有關「置易付」(Payment Arrangements for Property Transactions, PAPT) 服務將擴展至香港二手住宅物業的買賣（Sale and Purchase, S&P）交易。此擴展標誌著香港物業交易支付流程現代化的一個重要里程碑，並獲得了香港銀行公會（HKAB）、香港律師會、地產代理監管局及消費者委員會的共同支持。

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主要內容

本通函的核心內容是宣佈「置易付」服務將由原先僅適用於住宅按揭再融資，擴展至涵蓋二手住宅物業的買賣交易。此舉的目的是為物業買賣雙方提供另一種支付選擇，進一步提升交易效率、安全性和銀行在交易中的信用及營運風險管理能力。

  1. 「置易付」的背景與現況：
  • 「置易付」最初於2022年11月推出，專為住宅按揭再融資業務而設，旨在改善支付效率、安全性和降低銀行的風險。
  • 該服務已獲得銀行界的廣泛接納，截至2025年，在零售銀行處理的合資格按揭再融資交易中，採用「置易付」的比例已超過75%。
  1. 「置易付」擴展至二手住宅物業買賣：
  • 基於在按揭再融資方面的成功經驗，在HKMA的大力支持下，HKAB決定將「置易付」擴展至二手住宅物業的買賣交易。
  • 在此新模式下，買方按揭銀行的貸款發放將直接透過「自動轉帳系統」(Clearing House Automated Transfer System, CHATS) 撥付至賣方銀行的按揭帳戶。
  • 此機制將用於結算賣方現有的按揭貸款餘額，任何超出餘額的款項（即交易的淨收益）將在同日或極短時間內匯入賣方指定的銀行帳戶。
  • 若賣方沒有未償還的按揭貸款，則全部交易款項將直接匯入賣方銀行帳戶。
  1. 諮詢與測試：
  • 在制定「置易付」二手買賣方案的過程中，HKAB已與銀行界、法律界及地產代理業界進行了廣泛的諮詢。
  • 多家銀行已成功完成了使用「置易付」進行真實二手買賣交易的試點測試。
  • HKAB已於2025年9月向所有提供住宅按揭貸款的持牌銀行（「按揭銀行」）分發了實施「置易付」二手買賣所需的關鍵資訊，以便其預作準備。

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關鍵變化

本次通函宣佈的主要政策變化和新增要求如下：

  1. 服務擴展範圍：
  • 新增： 「置易付」(PAPT) 服務由僅限於住宅按揭再融資，擴展至包括香港二手住宅物業的買賣（S&P）交易。
  • 原業務保留： 住宅按揭再融資業務繼續適用「置易付」服務。
  1. 支付流程變革：
  • 新增： 在二手住宅物業買賣中，買方按揭銀行將直接透過CHATS將按揭貸款撥款至賣方銀行的按揭帳戶。
  • 目的： 確保賣方按揭貸款餘額得到即時結算，並加速淨收益款項的發放。
  1. 交易款項處理：
  • 新增： 透過「置易付」處理的二手買賣交易，若賣方有未償還按揭，貸款撥款將首先用於償還賣方按揭餘額，盈餘部分即時（當日）匯入賣方指定帳戶。
  • 新增： 若賣方無未償還按揭，交易全部款項將直接匯入賣方銀行帳戶。
  1. 責任與期望：
  • 新增： 所有「按揭銀行」必須在其預定生效日期前完成所有準備工作，包括審視營運程序、系統及文件，並進行必要的修訂。
  • 新增： 「按揭銀行」需熟悉「置易付」二手買賣的運作細節，並向其按揭客戶講解服務特色，鼓勵客戶在適當情況下採用。
  • 新增： 「按揭銀行」需提供充足的員工培訓和客戶溝通計劃。
  • 新增： 「按揭銀行」需與其委任的律師團隊緊密合作，確保「置易付」下的按揭貸款能順利提取。
  • 新增： 為推廣「置易付」的採用，銀行應在其數位渠道和分行提供相關資訊。
  • 新增： HKMA將收集「按揭銀行」實施「置易付」二手買賣的情況，包括客戶採用率。

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重要日期
  • 2022年11月： 「置易付」(PAPT) 服務首次推出，適用於住宅按揭再融資。
  • 2025年： 在零售銀行，「置易付」在住宅按揭再融資交易中的採用率超過75%。
  • 2025年9月： HKAB向所有「按揭銀行」分發實施「置易付」二手買賣所需的關鍵資訊，以便其預作準備。
  • 2026年2月28日： 「置易付」服務正式擴展至香港二手住宅物業的買賣（S&P）交易。此生效日期適用於在2026年2月28日或之後簽署臨時買賣合約的住宅物業交易。

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影響範圍
  • 適用對象：
  • 所有認可機構 (AIs)，特別是所有提供住宅按揭貸款的持牌銀行（「按揭銀行」）。
  • 參與香港二手住宅物業買賣的所有客戶（買方和賣方）。
  • 與物業交易相關的法律專業人士（律師）和地產代理。
  • 受影響機構：
  • 所有「按揭銀行」將需要調整其營運系統、流程和客戶溝通策略，以適應「置易付」二手買賣的實施。
  • 與銀行合作的律師事務所，需要了解並配合新的按揭貸款撥款流程。
  • 影響程度：
  • 正面影響： 預期可大幅提升二手住宅物業交易的支付效率和安全性，減少買賣雙方的等待時間，並降低銀行的營運風險。客戶將獲得更便捷的支付體驗。
  • 實施挑戰： 「按揭銀行」需投入資源進行系統升級、流程再造和員工培訓，以確保順利過渡。

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合規要求
  1. 準備工作：
  • 所有「按揭銀行」必須確保其營運程序、資訊系統和客戶文件已完成審查，並作出所有必要的修訂，以配合「置易付」二手買賣的實施。
  • 需要準備充足的客戶溝通材料，清楚解釋「置易付」二手買賣的運作模式、優勢和適用情況。
  1. 操作實施：
  • 按照HKAB提供的運作細節，執行「置易付」二手買賣交易的撥款和結算流程。
  • 確保買方按揭銀行的貸款撥款能透過CHATS準確、及時地發送至賣方銀行的按揭帳戶。
  • 對於無按揭餘額的賣方，確保款項能直接、準確地匯入賣方指定的銀行帳戶。
  1. 客戶關係管理：
  • 「按揭銀行」需主動向潛在和現有客戶介紹「置易付」二手買賣的服務，並鼓勵其在合適的交易中採用。
  • 為客戶提供清晰、準確的服務資訊，解答疑問。
  1. 內部培訓：
  • 為負責按揭業務、客戶服務和營運的員工提供充分的培訓，使其熟悉「置易付」二手買賣的運作流程、產品特點及潛在問題的處理方法。
  1. 合作與協調：
  • 與委任律師團隊保持緊密溝通與合作，確保「置易付」下的按揭貸款能夠順暢完成撥款程序。
  1. 報告要求：
  • HKMA將收集「按揭銀行」實施「置易付」二手買賣的相關資訊，包括客戶的採用率。具體報告要求和格式需依HKMA後續通知。
  1. 疑難解答：
  • 如「按揭銀行」在實施時間表上遇到困難，應透過其在銀行操守部 (Banking Conduct Department) 的慣常聯絡人與HKMA討論。
  • 關於通函本身的問題，可聯繫Ms. Cora Ching (電話： 2878 8211) 或 Ms. Natalie Lai (電話：2597 0869)。
  • 關於「置易付」二手買賣的運作問題，請聯繫HKAB。

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技術細節
  • 服務名稱： 置易付 (Payment Arrangements for Property Transactions, PAPT)
  • 擴展範圍：
  • 原： 住宅按揭再融資 (Residential mortgage refinancing)
  • 新增： 香港二手住宅物業的買賣 (Sale and Purchase, S&P, of residential properties in the secondary market in Hong Kong)
  • 關鍵技術系統：
  • 自動轉帳系統 (Clearing House Automated Transfer System, CHATS)： 作為跨銀行資金劃撥的基礎設施，用於直接將買方按揭款項撥付至賣方銀行。
  • 交易流程關鍵節點：
  • 臨時買賣合約簽署日期： 2026年2月28日或之後。
  • 貸款撥付： 買方按揭銀行直接撥款予賣方銀行。
  • 結算機制：
  • 若賣方有按揭餘額： 首先結算賣方按揭貸款餘額。
  • 淨收益發放： 盈餘款項（「surplus proceeds」）於同日或極短時間內發放至賣方指定銀行帳戶。
  • 無按揭餘額： 全數款項直接發放至賣方銀行帳戶。
  • 數據指標：
  • 採用率： 截至2025年，超過75%的零售銀行合資格按揭再融資交易採用PAPT。HKMA將收集新增業務的採用率數據。
  • 術語定義：
  • 認可機構 (Authorized Institutions, AIs)： 指香港金融管理局授權的銀行、儲蓄互助社、持牌匯款公司等。
  • 按揭銀行 (Mortgage Banks)： 指所有提供住宅按揭貸款的持牌銀行。
  • 買賣 (Sale and Purchase, S&P)： 指物業的買賣合同。
  • 二手住宅物業 (Residential properties in the secondary market)： 指非一手新建的住宅物業。

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附件、表格、附錄總結

本通函本身並未直接附帶附件、表格或附錄。然而，它提及了以下相關文件和資訊來源：

  • 香港銀行公會 (HKAB) 今日發出的通函： 該通函宣佈了PAPT for S&P的推出。
  • HKAB在2025年9月分發的資訊： 內容涵蓋了實施PAPT for S&P所需的關鍵資訊，供「按揭銀行」預作準備。
  • HKMA的監察： HKMA將收集「按揭銀行」實施PAPT for S&P的資訊，包括採用率。

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