China's Banking Regulator Denies Report of Down Payment Rise

BEIJING, May 5 -- The China Banking Regulatory Commission (CBRC) Thursday refuted media reports that the minimum down payment for the first home buyers would be raised to 50 percent from the current 30 percent.

The minimum down payment for first home buyers remains at 30 percent, while that for the second house buyers is still 60 percent. The mortgage rate is unchanged at 1.1 times of the benchmark interest rate, the CBRC said.

The commission pledged to resolutely implement the government's measures to cool down the red-hot property market and prevent a mortgage crisis.

Rocketing home prices have become a major source of public complaint across China. The government raised the down payment and mortgage rates notably for the non-first home buyers to crack down on hoarding and speculation, but house prices still remain stubbornly high.

Chinese Premier Wen Jiabao on Sunday visited a low-income housing construction site in eastern Beijing, stressing the central government's determination to stabilize prices.