November 15, 2016 / 3:56 AM / 3 years ago

China's Shenzhen city to raise downpayment level for 1st and 2nd home buyers

BEIJING, Nov 15 (Reuters) - China’s Shenzhen city will raise downpayment level to 70 percent for second-home buyers who borrow from the housing provident fund to finance their homes, effective from Nov. 15, the Shenzhen Housing provident Fund Management center said in a notice on Tuesday.

The downpayment for first-time buyers using the housing provident fund will be increased to 30 percent, effective from the same date, it said.

The housing provident fund is a kind of social insurance that allows Chinese employees to save money towards purchasing their own homes. (Reporting by Yawen Chen and Nicholas Heath; Editing by Shri Navaratnam)

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