Published by Zeb BhamChina has introduced new measures to stem the growth in residential mortgage markets in a bid to avoid a housing bubble.Writing for the South China Morning Post, independent economist Andy Xie reports that the new measures will reduce an interest rate discount for first-time buyers, while the discount has been abolished for second-time buyers.Those in the market for a second home will also now be required to stump up 40 per cent of the total value of the property as a deposit.However, Mr Xie warned that such measures are unlikely to have a lasting impact on the country's real estate boom as Beijing is expected to remove the tough new measures as soon as the market feels the pinch."Local governments, and Beijing through them, depend very much on property for fiscal revenues. And now, the market does not believe the government will cut off the hand that feeds it," the economist declared.China's real estate market has ballooned dramatically in recent months despite adverse global economic market conditions, with both national and foreign property mortgages boosting sales volumes.For more information on purchasing currency for regular or one-off payments, visit our Personal FX site