Minimum down payment lowered to boost property sector

China on Wednesday said it will cut the minimum down payment level for first-time home buyers in many cities, stepping up support for the sluggish property market and stumbling economy.

It was the second measure in two days intended to fire up consumption, following a government decision to halve the tax on the sale of small cars.

The central bank and banking regulator said they would be lowering minimum down payments for first-time home buyers to 25 percent, from the previous 30 percent, in cities that do not have restrictions on purchases.