New measures to cool China's property market

China has implemented new measures to cool the property market, raising the ratio of mortgage deposits for all first homebuyers to more than 30 percent.

Banks must also suspend loans for third home purchases, and officials would be held accountable if they fail to impose the policies, said Xinhua news agency.

It added that the central government would push property-related tax reforms forward on a trial basis and gradually expand it.

According to Xinhua, the new measures are aimed at "consolidating the achievement in curbing the property market and promoting its healthy development," citing a statement on a government website.

Beijing implemented a series of measures in April to curb speculation in the property market, including the raising of down payment on second home loans to 50 percent and urging banks to charge a minimum interest rate on second home loans of 1.1 times the benchmark rate.