File photo taken on Nov. 14, 2010 shows a newly built residential community in east China's Shanghai Municipality.  (Xinhua/Chen Fei)

 The Chinese government Wednesday raised the minimum down payment requirement for the purchase of second home to 60 percent of the property's value from 50 percent, to curb property market speculation.

The decision was announced in a statement released after an executive meeting of the State Council, China's cabinet, which was presided over by Premier Wen Jiabao.