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China cuts down payment requirements for first-time buyers

The People’s Bank of China (PBOC), China’s central bank, announced on Tuesday that it will lower the minimum deposit requirement for home purchases by first-time buyers in most cities in order to boost the real estate market. The bank said that in cities where there are no home purchase restrictions, the minimum deposit for first-home buyers, whose purchases are financed by loans from commercial banks, will stay at a minimum of 25 percent “in principle,” but can go down as much as 5 percentage points.

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