BEIJING: China on Thursday raised mortgage rates and down payment requirements to cool the country's red-hot property market.

The official Xinhua news agency, citing the outcome of a meeting of the State Council, announced the following measures:

-- The down payment on first homes of more than 90 square metres rises to 30% from 20%.

-- The down payment on second homes rises to 50% from 40%

-- Banks must set mortgage rates on second homes at a minimum of 1.1 times the central bank's benchmark interest rate. Banks currently have flexibility in the rates they charge depending on their assessment of credit risk -  Reuters
SHARE
SPONSORED CONTENT
The Ashwood — prestige development at a prime position in Kuala Lumpur city centre

Imagine drawing your curtains every morning to the breathtaking views of the Kuala Lumpur city skyline and lush greenery of the Royal Selangor Golf Course. That’s what makes The Ashwood a game-changer in the city’s property market — a tranquil haven where you can relish the charm of resort-like facilities that allow you to rejuvenate, recharge and rediscover the joys of life.

read more