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50-60% down payment on second homes

By Lan Lan (chinadaily.com.cn)
Updated: 2010-04-11 14:10
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Boao, Hainan -- Regulations on purchasing a second apartment should be stricter and second home buyers in some cities will have to make a down payment of 50-60 percent, said Liu Mingkang, chairman of China Banking Regulatory Commission, on Sunday.

China is carefully monitoring the risks of real-estate loans with more money entering the property market as speculation rises, Liu said Sunday at the Boao Forum of Asia in Hainan.

He added demand for housing remains huge in China, especially with young people buying their first home and families with kids purchasing a second property located near well-established schools.