2nd-home down payment raised to 60%; price targets 'must be set'

BEIJING - The State Council raised the minimum down payment for second-home buyers to 60 percent from the current 50 percent on Wednesday, and called on local governments to set price targets in the latest move to rein in property prices.

The new measures are expected to further cool speculation in the housing market after property prices in 70 major cities posted their fourth straight month-on-month rise.