China lowers downpayments for first-time homebuyers

First-time homebuyers in Chinese cities without purchase restrictions may soon be able to put in smaller down-payments.

The Chinese central bank lowered the minimum down-payment to 25% from 30%.

In 2010, the floor on the size of down-payments was lifted from 20% in a bid to curb property speculation.

One report also indicated Chinese authorities were studying measures to boost Macau´s economy.

On Wednesday, the State Council lowered the sales tax on automobiles with engines 1.6 liters or smaller by half to 5%, with effect from 1 October.

Overnight, the Hang Seng index ended the session 3.17% higher at 21,506.09 after Thursday's bank holiday.

Markets on the mainland were set to remain shut until 8 October for the National Day holiday.