26 Jan '11, 1pm

China orders new steps to tame property prices: Just last April it had ordered the payment raised to 50 percent

BEIJING - China on Wednesday raised the minimum down payment for second homes and ordered authorities to rein in property prices in its latest move aimed at quelling public angst about high real estate costs. A meeting of the State Council, China's cabinet, presided over by Premier Wen Jiabao ordered that the minimum second-home down payment be hiked to 60 percent of the property's value. Just last April it had ordered the payment raised to 50 percent as the government fought to curb skyrocketing property values and real estate speculation. A statement issued by the State Council after the meeting also said cities that had seen especially fast property price increases must draw up and implement measures to limit real estate sales. China's government has issued a raft of measures recently to curb spiralling prices, as polls have showed the difficulty in affording housing ha...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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