This paper investigates China's centralized mortgage policy in general, and evaluates the policy change in 2011: the minimum down payment was dramatically raised to 60% of the home price. Using our previously developed structural model, we recover the unobserved liquidity wealth levels of individual borrowers. We provide quantitative evidence for the doubtful efficacy of the 2011 raise in the minimum down payment: it hurts the moderately-wealthy individuals, leaving them to struggle with high default risks, but doing little to prevent the rich from entering the market.