CRI听力:China Further Relaxes Home Purchase Limits

China's central bank is moving to stimulate the housing market in certain parts of the country.

Under new regulations, minimum levels of down payments for first home buyers can be cut by as much as 20 percent.

The People's Bank of China has announced down payments for first home buyers, financed by loans from commercial banks, will stay at a minimum of 25 percent "in principle."

However, the PBOC says in some cases, the minimum down payment can be lowered to as much as 5 percent.

First-time buyers in cities which have their own restrictions will not qualify.

Beijing, Shanghai, Guangzhou, Shenzhen and Sanya are currently the 5 cities in China which have restrictions on home purchases.

New home prices are beginning to rebound again after months of declines, mostly in southern China.

For more on China's the effect this might have on China's housing market, CRI's Spencer Musick spoke earlier with John Ross, Senior fellow of Chongyang Institute for Financial Studies, Renmin University.