(ECNS) -- Shanghai is planning to raise the minimum down payment required for buyers of a second home to 70 percent as house prices in China's financial hub surge, Bloomberg reported.
City authorities are discussing specific measures to control the hot property market. These will also limit the purchase of houses by non-local residents.
Two insiders said Shanghai also plans to tighten the pre-sale permit for high-end residential buildings.
The local government has met with supervision departments last Thursday to explore the new policy.
