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Shanghai moves to cool red-hot property market

Buyers must put down 50-70 per cent of price of a second home to qualify for mortgage

RISING TOO FAST: Shanghai home prices gained 20.6 per cent in February from a year ago, posting the second biggest gain in the country.


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

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