Urgent: China sets tougher property down payment requirement to rein in soaring prices

The Chinese government raised down payment for people buying their second homes to a minimum of 50 percent of the property value from 40 percent, in a bid to curb speculation in the country's property market.

The decision was announced in a statement released Thursday after the conclusion of an executive meeting of the State Council, or Cabinet, presided by Premier Wen Jiabao, on Wednesday.

First-home buyers have to pay more than 30 percent of property prices if the property area is above 90 square meters, the statement said.

Source: Xinhua