China's Shenzhen city to raise downpayment level for 1st and 2nd home buyers

[BEIJING] China's Shenzhen city will raise downpayment level to 70 per cent for second-home buyers who borrow from the housing provident fund to finance their homes, effective from Nov 15, the Shenzhen Housing provident Fund Management center said in a notice on Tuesday.

The downpayment for first-time buyers using the housing provident fund will be increased to 30 per cent, effective from the same date, it said.

The housing provident fund is a kind of social insurance that allows Chinese employees to save money towards purchasing their own homes.

REUTERS