Banks in Hainan have suspended the granting of loans for third home purchases, reports Hainan Special Zone News, citing the Hainan Banking Regulatory Bureau.

The current downpayment requirement for second home purchases is 20-50 percent while first home purchases require a downpayment of 20-30 percent.

Data from the Haikou Municipal Commission under the Ministry of Housing and Urban-Rural Development showed that there were 211 units transacted in Hainan on September 25.

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