China's property investment jumps this year

HONG KONG, Aug. 11 (Yonhap) -- China's investment in property development soared more than 30 percent in the first seven months of this year despite government efforts to cool the market, data showed Thursday.
China's National Bureau of Statistics said the country's investment in property development reached 3.19 trillion yuan (US$49.9 billion) from January to July, up 33.6 percent from a year earlier.
The increase was largely attributed to a growing number of development projects in smaller cities across the country.
Due to rigorous measures taken by municipal governments, property prices in the country's large cities, such as Beijing, Shanghai and Shenzhen, have been leveling off.
However, smaller cities recorded higher increases as developers started to shift their focus from metropolitan cities to less developed areas.
The State Council said last month that it will take additional measures to cool its hot real estate market as investors' appetite for housing remains strong amid spiraling inflation.
The Chinese cabinet also said smaller cities with surging property prices will need to step up their efforts to curb them.