And you thought the new mortgage rules in Canada were strict!

[bizaro86]

Apparently, in a bid to slow down speculation, the government of China has increased the required downpayment on investment properties (sound familiar?). A lot like Canada, but with one small difference. The required down payment is going from 40% to 50% down.

QUOTE yesterday, the Chinese Cabinet raised mortgage rates and down payment requirements for investment properties. Buyers may now borrow only 50% of the cost of a second home, down from 60% previously.

Read more: http://www.nationalpost.com/story.html?id=...0#ixzz0lHV3yHKw

Michael