China suspends loans for 3rd home buyers

China will suspend bank loans for third home purchases as the government rolls out further measures to check soaring property prices. Property tax pilot programs will be stepped up then extended later to the whole country.
According to the new rules, all first home buyers will have to pay a down payment of at least 30% of the purchase price.
Previously, only first-time buyers purchasing an apartment above 90 square meters in area were required to make a 30% down payment.
China.org.cn reports that for second home buyers, the policy will remain unchanged: a 50% down payment and a home loan interest rate no less than 1.1 times the benchmark interest rate.
Officials will be held responsible if they fail to implement the new policies.