China is lowering the minimum down payment level of accumulated fund loans for second-home buyers in most cities to 20 percent from 30 percent.
That's according to the Ministry of Housing and Urban-Rural Development on Monday. This is the latest measure to shore up the lackluster property market. The change applies to all Chinese cities except Beijing, Shanghai, Shenzhen and Guangzhou, where local authorities can fix the respective down-payment levels for second-homes according to local circumstances. The change takes effect on September 1.
