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China lowers down payment requirement for first home buyers

BEIJING
2015-09-30 17:38

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Chinese authorities on Wednesday cut the minimum down payments for first home buyers borrowing from commercial banks in cities without implementing house purchase quota policy.

The minimum down payments will be reduced to 25 percent of the value, down from the current 30 percent, the People's Bank of China and China Banking Regulatory Commission said in a joint statement.

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