The People's Bank of China (PBOC) and China Banking Regulatory Commission (CBRC) have reduced deposit requirements for homebuyers, according to a report published on Feb 2.

Those wishing to buy a house for the first time in cities without limited purchasing order will now only have to stump up a 20 percent deposit, a decrease of five percent from the previous figure.

Homeowners wishing to purchase another house while the debt on their first property is uncleared, will now have to pay a 30 percent down payment on additional properties.

The report also detailed that PBOC and CBRS will strengthen communication with regional governments and guide them to determine the minimum downpayment of individual housing loans according to the practical situations of different cities.

Edited by Owen Fishwick