China’s Nanjing, Hangzhou Raise 2nd Home Down Payment to 70%
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China’s eastern cities of Nanjing and Hangzhou raised the minimum down payment required for second homes to 70 percent from 60 percent 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 percent down payment for buyers of first homes, the central bank’s Nanjing and Hangzhou branches said in separate statements on their websites yesterday. Nanjing will increase housing land supply by 10 percent from the average in the past five years, the city’s housing authority said in a statement yesterday.