The People’s Bank of China (PBOC) Shanghai Head Office and branches of provinces, autonomous regions, municipalities directly under the Central Government, and cities specifically designated in the state plan, local offices of the National Financial Regulatory Administration (NFRA), state-owned commercial banks, the Postal Savings Bank of China, and joint-stock commercial banks:

To implement the decisions and arrangements of the CPC Central Committee and the State Council, adapt to shifts in supply and demand in China’s real estate market, better meet people’s expectations for quality housing, and promote the stable and sound development of the real estate market, the notifications are hereby made as follows.

For households that purchase commercial housing with personal housing loans, the minimum down payment ratio shall be set to be no less than 15 percent for first-time homebuyers and to be no less than 25 percent for second home purchases.

On this basis, the branches of the PBOC and the local offices of the NFRA shall adopt city-specific policies to determine on their own the minimum down payment ratio for commercial personal mortgage loans issued to first-time or second-time homebuyers within their respective jurisdictions, according to the regulatory requirements of local governments.

The People’s Bank of China

The National Financial Regulatory Administration

May 17, 2024