China Eases Down Payments, Mortgage Rates in Fresh Stimulus Move

(Bloomberg) — China unveiled reductions in down-payment requirements for homebuyers and will allow lenders to reduce rates on existing mortgages, taking major new steps to halt a slump in the country’s residential property market.

The minimum down payment will be 20% for first-home buyers and 30% for second-home buyers, according to a joint statement Thursday from People’s Bank of China and the National Administration of Financial Regulation.