CPL - Panic profit taking and short selling!

China raised down-payment requirements and lifted the lending rates on some types of mortgages Thursday, a day after official data showed property prices in its major cities increasing at the fastest pace in nearly five years.

The required down payment on purchases of second homes will rise to 50% from 40%, the state-run Xinhua news agency reported, citing a statement issued late Thursday by the State Council following the conclusion of an executive meeting chaired by Premier Wen Jiabao.

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This news trigger the selldown.