China is taking several measures to cool down the property market. Among them, bank loans for third home purchases will be suspended in the near future.

The Xinhua News Agency reports that new government rules stipulate that all first-home buyers will have to pay a down payment of at least 30 percent of the purchase price. It also quotes central government sources as saying property tax pilot programs will be stepped up and then extended to the entire country.

Moreover, the three ministries of Supervision, Land and resources, and Housing and Urban-Ruaral Development say they will investigate and hold responsible any provincial governments that have not implemented relevant policies to curb the housing market bubbles. The central government is also requiring local authorities to adhere to existing curbing policies, and says it will issue supporting policies and measures to tighten bank lending.