Increase in down payments and new tax aim to curb rising prices

BEIJING - New measures to curb rising real estate prices, including raising down payments for home purchases and expanding property tax trials nationwide, were launched on Wednesday highlighting the government's resolve to cool the property market.

Homebuyers purchasing their first apartment now need to pay at least 30 percent down payment, instead of the previous 20 percent, according to an article on the government's official website, www.gov.cn.