China may increase second home downpayment -paper

BEIJING: China may increase the downpayment for people buying their second homes to 50 percent from the current 40 percent to cool the red-hot housing market, a local newspaper reported on Monday Dec 21, 2009, citing unidentified sources.

Beijing Business Today, a tabloid, said the higher downpayment would be part of the government's campaign to discourage speculation in the housing market.

The government has over the past two weeks announced a series of measures to deter speculation, including stiffer rules on land purchases and a less generous tax exemption for home sellers.

China's main property price index in November rose 5.7 percent from a year earlier, taking prices beyond their pre-financial crisis levels and fuelling worries about housing market bubbles. - Reuters

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.