Potential homebuyers visit a housing expo in Zhengzhou, Henan province. [Provided to China Daily]

China's central bank announced on Sept 30 that some buyers of a second home will be able to enjoy a lower down payment as first-time home buyers, in the country's latest effort to meet the reasonable demand for home loans amid a cooling property market.

Chinese citizens who wish to buy a second home, will be able to enjoy the same 30 percent down payment requirement as first-time home buyers if they have fully repaid their previous mortgage loans, according to the announcement jointly made by the People's Bank of China and the China Banking Regulatory Commission.

Prior to the announcement, purchase of a second home in Chinese cities will require buyers to place at least a 60 percent down payment.

China cuts interest rates

The People's Bank of China, China's central bank, on Nov 21 announced the first interest rate cuts in more than two years.

The PBOC cut the benchmark rate for one-year deposits by 25 basis points and the one-year lending rate by 40 basis points from Nov 22. This is the first adjustment to the benchmark rates since July 2012.

After the cut, one-year deposit rate will stand at 2.75 percent, while one-year lending will be at 5.6 percent.