Jiangxi to lower second-home purchase barrier

East China's Jiangxi province will lower down payment requirements on second-home purchases, said a statement on the official website of the local government.

"In order to boost the stable and healthy development of the real estate market, Jiangxi province will implement preferential loan policies for first-time home buyers and appropriately reduce the required ratio of down payments on second-home purchase", the statement said.

This new policy is one of 20 made by the Jiangxi government to promote the province's economic development amid a slowing market.

China's property sector showed new signs of cooling in July, with more cities reporting month-on-month price drops, the National Bureau of Statistics (NBS) said in a statement on Monday.

Out of 70 major Chinese cities, 64 saw month-on-month price declines for new homes in July, compared with 55 in June, while only two cities saw month-on-month price gains on new home prices last month, compared with eight cities for June and 15 cities in May.

China issued out various regulating policies every year since 2010 to cool the overheated property market, including higher down payment ratios for second-home buyers and home purchase restrictions.

Among the 46 cities that introduced property policies, 37 have dropped purchase restrictions. Hohhot, capital of the Inner Mongolia autonomous region, was the first to drop all limitations on property purchases on June 27 of this year.