Following the lead of Hong Kong, Beijing and other key mainland cities, Macau yesterday unveiled a string of measures to rein in property speculation. The measures centre on increasing housing supply as well as raising the transaction costs for speculators, Lau Si-lo, Macau's Secretary for Transport and Public Works, said. Lau said land supply would be increased and new sites would be designated solely for the building of flats of 700 to 800 square feet. The government will help developers in transforming industrial sites for residential development. From next month, buyers of properties worth more than 3.3 million patacas will have to pay a minimum down payment of 30 per cent of the purchase price. Monthly mortgage payments should not be more than half of the buyer's income. The stringent down payment requirement applies also to non-Macau residents. Transaction fees will jump from 0.5 per cent to 3 per cent of the property's price.