China announced easier rules for homebuyers Tuesday in the latest move to support the housing market.
The People's Bank of China and the China Banking Regulatory Commission said that the minimum down payment requirement can be lowered by up to 5 percentage points for first homebuyers, although the requirement is 25 percent in principle.
The easing only applies in cities not currently subject to home purchase restrictions. For second home buyers in these cities, the minimum down payment requirement will be no lower than 30 percent.
