Mortgage deposit for repeat buyers may rise

The central bank is likely to ask commercial lenders to raise mortgage deposits to at least 40 percent for homebuyers who intend to buy a second apartment, a source said.

The central bank could release the new requirement later this week, the source told China Daily yesterday.

"Homebuyers might have to make a down payment of at least 40 percent to buy a second apartment," he said, adding that the move is an attempt to curb speculation in the property market, which might be intensified by rising inflation.