ICBC Macau signs agreement easing cross-border real estate registration

Local bank Industrial and Commercial Bank of China (Macau) Limited has signed an agreement to allow for real estate registration between Zhuhai and Macau without the need for border crossings.

In a ceremony held yesterday the bank agreed to adopt a ‘second-hand housing transaction registration + financial service’ model providing a ‘one-stop platform’ for real estate registration and commercial loans, second-hand house transfer registration and mortgage loan online.

ICBC President Jiang Yisheng and about 100 representatives from related government departments, banks and the real estate industry of Macau and Zhuhai attended the ceremony.

During the event, the Zhuhai Real Estate Registration Center issued the first real property right certificate for the transfer registration of second-hand houses “without crossing the border”.

In January 2020, Zhuhai real estate registration was extended to Macau, and the first Zhuhai real estate registration convenience service point was established in ICBC Macau.

Cross-border mortgage registration was upgraded from an ‘one-time border crossing’ system to a ‘zero border crossings’ system completed within one hour from the acceptance to the issuance of the certificate.

The Zhuhai Real Estate Registration Center has cooperated with 11 banks in Macau so far, with centre representatives indicating the next step will include promoting the “no border-crossing handling” of second-hand housing transaction procedures without leaving Macau while adding more financial services.