境外个人境内购房政策未变，只是结汇支付优化

Core Viewpoint - The recent notice from the State Administration of Foreign Exchange (SAFE) aims to enhance the convenience of cross-border investment and financing, particularly for foreign individuals purchasing real estate in China, while maintaining existing regulatory frameworks [1][2][5]. Group 1: Policy Changes - The notice reduces the negative list for capital project foreign exchange income and its conversion into RMB for domestic payments, specifically removing restrictions on purchasing non-self-occupied residential properties [2][5][6]. - The policy allows foreign individuals to make foreign exchange payments for real estate purchases before obtaining the necessary purchase registration documents from real estate authorities, streamlining the payment process [4][6]. Group 2: Implementation and Impact - The pilot program for Hong Kong and Macau residents in the Guangdong-Hong Kong-Macau Greater Bay Area, which allows for "payment first, documentation later," will be expanded nationwide [3][4]. - As of January 2025, the People's Bank of China in Guangdong has facilitated 2,603 transactions for Hong Kong and Macau residents, amounting to approximately RMB 2.993 billion, indicating strong demand for cross-border real estate purchases [3]. Group 3: Future Directions - SAFE plans to continue promoting reforms in the foreign exchange sector to support legitimate cross-border investment activities and better serve the high-quality development of the real economy [6].