Hong Kong landlords of Shanghai properties will soon have an official channel through which they can transfer rent payments back here, according to a property agent in Shanghai.
At present, Hong Kong owners of mainland properties who receive rent in yuan are not allowed to repatriate the proceeds.
Shanghai Real Estate Consultant & Sales director and vice-president John Woo said yesterday the firm had reached an agreement with a mainland bank to provide a direct channel for Hong Kong landlords to receive their rental income from Shanghai.
Mr Woo, however, declined to name the bank or disclose details of the arrangement.
He said the bank 'had basically agreed with the idea, which would be implemented as early as late November'.
'I think the mainland bank must have had consent from the government before promising us anything,' Mr Woo said.
He also declined to say if the agreement applied to other mainland cities.