China's Nanjing allows 20% down payment for first home purchase

China's eastern city of Nanjing allowed down payments of 20% for fist home purchases, state broadcaster CCTV said on Thursday, aiming to boost housing demand.

Regulators unveiled the policy of cuts in some cities last week, aiming to help homebuyers.

The floor for down payments on first homes is 20%, and 30% for second homes. That compares with existing rates in most major cities ranging from 30% to 35% for first homes, and 40% or more for second homes.