Shenzhen moves to stabilize property market

Shenzhen on Tuesday rolled out a spate of measures, including higher down payments and purchase restrictions, in its latest attempt to stabilize the red-hot property market.

First-time homebuyers who have no mortgage records will continue to pay a minimum down payment of 30 percent. But the down payment for those who have mortgage records but no homes is raised to no less than 50 percent and that for second home purchases will be no less than 70 percent, local government said in a circular. Endi