Source: Hong Kong Government special administrative region
Expansion of PAPT to cover sale and purchase of residential properties in secondary market
The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB), together with the Law Society of Hong Kong (LSHK) and the Estate Agents Authority (EAA), jointly announced today (February 5) the expansion of the Payment Arrangements for Property Transactions (PAPT) (Note 1) to cover the sale and purchase (S&P) of residential properties in the secondary market of Hong Kong, effective from February 28, 2026 (Note 2). This initiative is also supported by the Consumer Council (CC).
Under PAPT, the buyer’s mortgage loan proceeds will be transferred to the seller’s bank through the interbank electronic payment system, enabling the seller to receive the sale proceeds on the completion day at the earliest. Compared to the conventional payment method, in which mortgage loan proceeds need to be settled via the solicitors’ accounts (Note 3) using physical cheques, PAPT is a faster and safer option. Buyers and sellers who wish to use PAPT may request their estate agents to incorporate relevant clauses into the provisional S&P agreement.Note 2: Mortgage banks will provide PAPT for S&P transactions of residential properties in the secondary market in Hong Kong with provisional S&P agreements signed on or after February 28, 2026.
Note 3: The sale proceeds are generally received two working days after completion of a property transaction, following the settlement of physical cheques.
Issued at HKT 16:30
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