China may raise the down payment requirement for purchases of second homes to 50 percent in a bid to curb speculation in the property market, Beijing Business Today reported on its Web site, citing an unidentified person.

The current down payment for second-home purchases is 40 percent of a property’s value, the Beijing-based newspaper said today. China last week also set the minimum down payment for land purchases at 50 percent and earlier this month reinstated a sales tax on homes sold within five years of purchase.