Local authorities in Shanghai rolled out tightening measures to cool the overheated housing market.

Starting on Tuesday, first time home buyers will have to pay a minimum 35 percent down payment compared with the previous 30 percent figure. Those who do not own a home but have applied for mortgage loans are now included in the pool of first time home buyers. The minimum down payment ratio for second time home buyers remains unchanged at 70 percent for luxury houses and 50 percent for ordinary apartments.

The authorities also urged banks to strengthen supervision over applicants' loan qualifications. Housing prices in Shanghai jumped more than 30 percent in October from a year ago, triggering concerns of a growing bubble in the sector.