Shanghai moves to cool red-hot property market

Shanghai

MUNICIPAL authorities in Shanghai tightened mortgage downpayment requirements for second home purchases on Friday, in a move to cool an overheating property market and reduce fears of a bubble.

Senior Chinese leaders raised concerns about the country's overheated housing market during an annual parliament meeting this month, and Shanghai is the biggest city to take action in the wake of the National People's Congress, which ended a week ago.