Shanghai leads effort to rein in housing market

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.