I thought this little tidbit illustrated the difference between Chinese and US policy when it comes to housing.
In response to an unhealthy run-up in home prices in some parts of the country, China’s Cabinet recently announced new measures to curb the rise, including larger down payments for second homes.
Among the changes, the Cabinet will now require a whopping 40 percent down payment on new residential mortgages for those who already own a home.
According to the Xinhua news agency, the move is intended to reduce property speculation, increase the supply of low-income housing, and speed up the construction of new residential housing projects.
Now I’m not saying China is perfect (or close to it), but it’s nice to see a little restraint here and there.