Average new home prices in China rose 0.3% in September from August, notching a fifth straight month of growth as 39 out of 70 cities reported price increases, The Financial Times reported, citing new data from the National Bureau of Statistics. Demand continued to concentrate in first-tier cities, with prices in Beijing and Shanghai respectively up 4.7% and 8.3% from a year ago, compared to gains of 3% and 5.6% in August. The stabilization follows a cut to the down payment required for second-home purchases in mid-September from 30% to 20%, followed two weeks later by a cut to the minimum down payment for first-time buyers, from 30% to 25%,for the first time in five years.
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