Shanghai Said to Be Nearing Purchase Curbs for Warming Property Market

(Beijing) – Shanghai's government will introduce measures to cool its housing market, including requiring bigger down payments for buyers of second homes, a person with knowledge of the matter says.

The government will announce the new rules in the next few days, the source said on March 23.

The changes would target people purchasing their second home, the person said. For example, second homes of 140 square meters or more would require down payments of 70 percent of the property's price. The ratio for homes smaller than that would be 50 percent.