Shares of Singapore-listed Chinese property developer Yanlord Land (YNLG.SI) fell as much as 3% to a seven-month low on Thursday after China unveiled fresh measures to curb property prices.

At 11:50 a.m., shares of Yanlord were 2.4% lower at $1.60 with over 3.1 million shares changing hands.

Smaller China property firm Pan Hong Property Group (PNHG.SI) retreated 5.7% to $0.415.

 

“Yanlord is one of the most prominent China property plays listed here, so China's tightening measures have definitely taken a toll on their shares,” said a local trader.

 

Banks in China would require a down payment of at least 60% for second-home buyers, up from 50% currently,according to a state media report citing a cabinet statement.