Nanjing, Hangzhou tighten property policies

[SHANGHAI] China's eastern cities of Nanjing and Hangzhou have raised the minimum downpayment required for second homes to 70 per cent from 60 per cent as more cities tighten property policies because of surging prices.

The cities will continue to ban mortgage lending for third homes and will maintain a 30 per cent downpayment for buyers of first homes, the central bank's Nanjing and Hangzhou branches said in separate statements on their websites on Tuesday.

Nanjing will increase housing land supply by 10 per cent from the average in the past five years, the city's housing authority said on Tuesday.