Curbs eased by leaders to boost real estate sector

The Chinese leadership has decided to ease the housing credit policy to boost the property market and to add fuel to overall economic growth.

The central bank, the People's Bank of China, cut the minimum down payment for second homes to 40 percent from 60 percent on Monday.

The bank said the policy is designed to improve the living standards of buyers who have not paid off their existing mortgage but are buying a second home.