March 17, 2017 / 11:00 AM / 5 months ago

Beijing gov't raises downpayment requirement for second homes in the city

BEIJING, March 17 (Reuters) - The Beijing municipal government said on Friday it has raised the downpayment requirement for second home purchases in the city to at least 60 percent.

The new rule goes into effect from March 18, according to a notice on the website of the Beijing housing commission. The news was first reported by Beijing Youth Daily.

Beijing last raised the mininum second-home down payment to 50 percent on Sept. 30 in an effort to tame fast-rising home prices.

Beijing has also suspended issuance of individual mortgage loans for terms of more than 25 years, the notice said. (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)

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