More Chinese Cities Slash Down Payments to Prop Up Housing Sales

What’s new: More Chinese cities joined the parade of slashing down payments for buyers of second homes to help prop up the ailing housing market.

More than 20 cities reduced down payment requirements for second-time homebuyers so far this year with an increasing number of larger cities joining in, Caixin found based on public records.

In August, cities including Nanjing, Suzhou and Wuxi in Jiangsu province as well as Fuzhou in Fujian province announced down payment cuts of 10–20 percentage points for homebuyers who already own a property.