China cuts downpayments on some home purchases

Shanghai

CHINA will cut the minimum downpayment for some home purchases by five percentage points, the central bank said on Tuesday, as it attempts to kick-start a sluggish housing market that is both cause and effect of a broader growth slowdown.

The People's Bank of China said on its website that the minimum deposit for first-time home buyers would fall from 25 per cent to 20 per cent.