China central bank eases down payment rules for homebuyers in some cities

China's central bank and banking regulator said on Tuesday they would adjust personal mortgage policy regulations for home buyers in some cities, the latest move to support residential property market.

The People's Bank of China and the China Banking Regulatory Commission said in a joint statement the minimum down payment on mortgage will be lowered by up to 5 percentage points from the official 25 percent for first time homebuyers in some cities. The new requirement would only apply in cities not currently subject to restrictions on home purchases.

The main cities that have such restrictions are Beijing, Shanghai, Guangzhou and Shenzhen.

The People's Bank Of China (PBOC) headquarters in Beijing, China.
Tomohiro Ohsumi | Bloomberg | Getty Images

The central bank also said in the statement published on its website that the minimum down payment requirement on mortgages will be no lower than 30 percent for second time homebuyers in these cities.

The statement on the central bank's website did not say specifically when it would take effect, but the notice to local governments and regulatory bodies was dated Feb. 1.

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