Guangzhou eases home downpayment rules

Hong Kong

CHINA'S southern city of Guangzhou on Sunday relaxed downpayment requirements for first and second homebuyers, the first local housing market stimulus rolled out by a top-tier city.

The third-largest city in terms of gross domestic product in China lowered the downpayment ratio under the housing provident fund policies, allowing first-time homebuyers to pay 20 per cent, down from 30 per cent, for apartments smaller than 144 square metres.