State Administration of Foreign Exchange: provide payment convenience for qualified foreign individuals to purchase property in China.

The State Administration of Foreign Exchange recently issued a relevant notice on deepening the management of cross-border investment and financing foreign exchange, specifying that it will facilitate the settlement and payment of foreign individuals who purchase houses in China. Experts say this will provide payment convenience for eligible foreigners purchasing properties in China. The notice from the State Administration of Foreign Exchange specifically states that it will facilitate the settlement and payment of foreign individuals who purchase houses in China. Specifically, foreign individuals can, before obtaining the property registration certificate from the real estate regulatory authority, settle and pay the foreign exchange funds related to the property purchase with the purchase contract or agreement at the bank, and later submit the property registration certificate to the bank. An official from the State Administration of Foreign Exchange stated that the main purpose of this policy is to meet the reasonable housing needs of more foreigners working and living in China, and to promote regional integration and talent mobility. It is important to note that this policy only optimizes the review process for settling and paying funds at banks, and does not change the current policies for foreigners purchasing properties in China. Dong Ximiao, chief researcher at Zhonglian Research, explained that this "settlement first, verification later" policy was originally implemented as a pilot program for residents of Hong Kong and Macau purchasing properties in mainland Chinese cities in the Greater Bay Area. Its nationwide extension means that eligible foreigners purchasing properties in China will have practical payment convenience, helping to meet their living needs. However, it is important to note that this policy focuses on facilitating payments and does not relax property purchase requirements or regulations related to eligibility, quantity, and property use.