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)
Our Standards: The Thomson Reuters Trust Principles.