Wed, September 29, 2010
Business > Economy

China suspends loans to third home buyers, amid new measures to check soaring property prices

2010-09-29 12:54:23 GMT2010-09-29 20:54:23 (Beijing Time)  Xinhua English

BEIJING, Sept. 29 (Xinhua) -- China will suspend bank loans for third home purchases in the near future, as the government moves to roll out further measures to check soaring property prices, Xinhua learned Wednesday.

Property tax pilot programs will be stepped up, and then extended to the whole country, sources with several departments of the central government told Xinhua Wednesday.

All first home buyers will have to pay a downpayment of at least 30 percent of the purchase price, according to the new rules.

Previously, according to rules issued on April 17, only first-time buyers purchasing an apartment above 90-square-meters in area had to pay a 30 percent downpayment.

For second home buyers, the policy will remain unchanged: a 50 percent downpayment and a home loan interest rate no less than 1.1 times the benchmark interest rate.

Officials will be held responsible if they fail to implement the new policies.

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