Overheating China pricks realty bubble

China on Thursday moved to deflate a frothy property bubble, hours after fresh data elevated concerns of an economy on overboil, with GDP growing 11.9% in the first quarter of 2010.

China’s State Council, or the council of ministers, on Thursday stipulated a minimum 30% downpayment on purchase of first homes larger than 90 square metres, and raised the minimum down-payment on second homes to 50% (from 40%). The move came after evidence mounted that property prices, which saw another…