Rules that changed on April 1, and it's not a joke

5. New policies aid property markets

The People's Bank of China cut the minimum down payment for second homes to 40 percent from 60 percent on Monday. The policy is expected to improve the living standards of buyers who have not paid off their existing mortgage but are buying a second home.

Another piece of good news for the property market is that sales tax on pre-owned homes sold two years or more after purchase will be canceled. Since 2011, owners selling homes within five years of purchase had to pay such taxes.

The new policy is designed to further liberalize the property market and help support homebuyers' demands for better housing conditions.