Tianjin and Shanghai Tighten Real Estate Controls

Reuters: China's Tianjin city steps up curbs to tighten mortgage lending
China's major port city of Tianjin on Monday announced stricter tightening measures to rein in a red-hot property market, by hiking the downpayment ratio for buyers of first and second homes.

The ratio has increased to 30 percent for first-home buyers borrowing from banks, versus 20 percent earlier, the central bank branch in Tianjin, near Beijing, the Chinese capital, said in a statement.

A higher downpayment, of 40 percent, is required from those with unpaid mortgages who plan to buy a second home, it added.
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Yesterday (November 28) evening, the Shanghai Municipal Construction Committee announced Mortgage policy: Since November 29, 2016, households buy the first home apply for commercial loans, the down payment cannot be less than 35%. If the buyer already owns a house in Shanghai, or doesn't not own a house in Shanghai, but has record of a applying for a mortgage, the down payment cannot be less than 50%; for the purchase of non-ordinary housing, the down payment cannot be less than 70%.

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