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China eases home purchase restriction

Updated: Sep 30,2014 6:18 PM     Xinhua

Potential homebuyers visit a housing expo in Zhengzhou, Henan province. Of the 46 cities that had restrictions on home purchases, only six — including Beijing, Shanghai, Guangzhou and Shenzhen — maintain those curbs.[Photo/Provided to China Daily]

BEIJING - China’s central bank announced on Sept 30 that buyers of a second home will be able to enjoy a lower down payment as first-time home buyers, in the country’s latest effort to meet the reasonable demand for home loans amid a cooling property market.

Chinese citizens who wish to buy a second home, will be able to enjoy the same 30 percent down payment requirement as first-time home buyers if they have fully repaid their previous mortgage loans, according to the announcement jointly made by the People’s Bank of China and the China Banking Regulatory Commission.

Prior to the announcement, purchase of a second home in Chinese cities will require buyers to place at least a 60 percent down payment.