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China’s northwestern city Xi’an announces fresh home purchase curbs


China’s historic city of Xian, one of the hottest housing markets among major Chinese cities, said it will pare back financing for home purchases as it unveils fresh curbs to contain speculation in its real estate market.

Downpayments for first-time home buyers who borrow from the government’s housing provident fund will be raised to 35 per cent for apartments with floor area of less than 144 square meters, up from 25 per cent previously, the Xian Housing Provident Fund Management Center said in a statement on Wednesday.

The amount that home buyers can borrow from the fund will be lowered too and new measures will take effect on May 13.

The move comes after home prices in the capital city of the northwestern Shaan’xi province rose 1 per cent in March from the previous month, beating the largest cities such as Beijing and Shanghai.