Second home payment raised to curb soaring prices

Updated: 2010-04-15 19:48
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BEIJING - The Chinese government raised down payment for people buying their second homes to a minimum of 50 percent of the property value from 40 percent, in a bid to curb speculation in the country's property market.

The decision was announced in a statement released Thursday after the conclusion of an executive meeting of the State Council, or Cabinet, presided by Premier Wen Jiabao, on Wednesday.

First-home buyers have to pay more than 30 percent of property prices if the property area is above 90 square meters, the statement said.