Some banks in Wenzhou lower downpayment requirements for 2nd-time homebuyers

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After several Chinese cities lowered downpayment requirement for first-time home buyers as part of efforts to shore up the housing markets hit by the coronavirus outbreak, some banks have relaxed the requirement for second-time home buyers.

Three Chinese cities have lowered the requirements in March, including Wenzhou in eastern China's Zhejiang province, according to the latest report from Rong360, a Chinese online lending information provider.

Wenzhou city has cut the downpayment requirement for second-time homebuyers to 40 per cent from previous 60 per cent, shows the report.

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