The municipal government of Shanghai announced on Friday new measures designed to cool down the local housing market. They include raising the required down payment on a property if it is a buyer's second home.

"So far this year, home prices have been fluctuating greatly, and with transaction volumes ascending recently, home prices are under greater upward pressure," said a notice posted on the official website of the city's housing regulator explaining the background for the rollout of seven-point new measures.

Along with making a commitment to increase the housing supply and expand housing support to more low-income families, the housing regulator also vowed to implement "differentiated" policies toward homebuyers - policies embodied in two new changes.