China cuts downpayments on some home purchases

China will cut the minimum downpayment for some home purchases by five percentage points, the central bank said Tuesday, as it attempts to kick-start a sluggish housing market that is both cause and effect of a broader growth slowdown. The People's Bank of China (PBoC) said on its website the minimum deposit for first-time home buyers would fall from 25 percent to 20 percent. Analysts say a slowdown in real estate, a key source of revenue for local governments in China, has been a drag on the ov