Second-home Buyers to Pay 50% Down-payment

Families who buy a second home will have to pay a down-payment of at least 50% of the total price and their interest rate can not be below the standard rate of 1.1 percent, according to requirements set out by a State Council executive meeting presided by Premier Wen Jiabao. This meeting also determined that local governments are required to curb the skyrocketing housing prices and maintain a healthy development of the property market.