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China seeks to boost property market as economy slows

The People's Bank of China (PBoC), the central bank, said the minimum deposit for individuals buying additional housing would be set at 40 percent, according to a statement on its websiteChina’s central bank on Monday lowered minimum downpayment levels on second homes nationwide, scrapping a key policy originally aimed at controlling housing prices as it seeks to boost the economy. The People’s Bank of China (PBoC), the central bank, said the minimum deposit for individuals buying additional housing would be set at 40 percent, according to a statement on its website. The level was previously 60 to 70 percent, China’s official Xinhua news agency said. The announcement rolls back a four-year-old policy first introduced to try to cool the then red-hot property market as rocketing prices put homes out of the reach of many, raising worries over social unrest.

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