China's Shanghai says will tighten home-buying rules amid soaring home prices

BEIJING (REUTERS) - City authorities in China's Shanghai will raise the minimum downpayment for second home purchases to 70 percent from 60 percent, the city housing bureau said on Friday, the latest move to calm record home prices.

It also said it would increase the land supply for residential homes this year, according to a statement on its bureau's website. www.shfg.gov.cn Shanghai's move comes after Shenzhen and Beijing tightened measures in recent months as house prices surged.