China’s Shenzhen to lower minimum downpayment for first home buyers to 20%, ET RealEstate
BEIJING: China‘s city of Shenzhen will lower the minimum downpayment ratio required of first-time home buyers to 20%, local government-backed newspaper Shenzhen Special Zone Daily reported on Tuesday.
Shenzhen, a key technology and manufacturing hub, will lower the minimum downpayment required of second home buyers to 30%, the report said.
The new rules will take effect from Wednesday.
Earlier, China’s southern city Guangzhou also said it will lower the minimum downpayment for first and second home purchases, and scrap the lower floors on their mortgage rates.
