China’s central bank and banking regulator said on Tuesday they would adjust personal mortgage policy regulations for home buyers in some cities, the latest move to support residential property market.
The People’s Bank of China and the China Banking Regulatory Commission said in a joint statement the minimum down payment on mortgage will be lowered by up to 5 percentage points from the official 25 percent for first time homebuyers in some cities. The new requirement would only apply in cities not currently subject to restrictions on home purchases.
The main cities that have such restrictions are Beijing, Shanghai, Guangzhou and Shenzhen.
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