BEIJING Oct 4 China's boomtown of Shenzhen has
rolled out new steps, including higher mortgage down payments
and home purchase restrictions, Xinhua news agency reported on
Tuesday, joining other Chinese cities in their attempt to cool
soaring home prices.
First-time home buyers with no mortgage records will still
pay minimum down payments of 30 percent, but down payments for
those who have mortgage records but no homes will be raised to
no less than 50 percent, Xinhua quoted a government document as
Down payments for second home buyers in the city in China's
southern Guangdong province, near Hong Kong, will be increased
to no less than 70 percent, it said without giving further
Separately, local media reported on Tuesday that Suzhou in
China's eastern Jiangsu province has unveiled fresh steps,
including higher down payment requirements, to cool the housing
Chengdu, Jinan, Wuhan and Zhengzhou have already announced
new restrictions on property purchases as the government tries
to damped home prices stoked by property speculators in second-
and third-tier cities across the country.
Those measures were the latest in a string of steps to
tighten credit flowing into the property sector as the
government tries to balance the need to prevent bubbles while
stimulating economic growth.
The average new home price in 70 major cities climbed an
annual 9.2 percent in August, up from 7.9 percent in July,
according to data from China's National Bureau of Statistics.
(Reporting by Kevin Yao; Editing by Alison Williams)