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China cuts downpayment level for most 2nd home buyers

[BEIJING] China is lowering the minimum downpayment level for second-home buyers in most cities to 20 per cent from 30 per cent, the Ministry of Housing and Urban-Rural Development said on Monday.

The change applies to all Chinese cities except Beijing, Shanghai, Shenzhen and Guangzhou, where authorities can fix the respective downpayment levels for second-home buyers, subject to approval from the central government.

The change takes effect on Sept 1, the ministry said.

REUTERS