China's housing ministry is getting 'bolder' about real estate support

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BEIJING — China's housing ministry has announced plans to make it easier for people to buy property. The news, out late Thursday, indicates how different levels of government are starting to act just days after Beijing signaled a shift away from its crackdown on real estate speculation. The planned measures include easing purchase restrictions for people wanting to buy a second house, and reducing down payment ratios for first-time homebuyers, according to an article on the Ministry of Housing and Urban-Rural Development's website. In an effort to reduce speculation in its massive property market, China has made it much harder for people to buy a second house. Mortgage rates for the second purchase can be a full percentage point higher than for the first, while the second-home down payment ratio can skyrocket to 70% or 80% in large cities, according to Natixis.