(Yicai Global) Aug. 14 -- China's real estate developers invested more in new projects in the first seven months this year, while reporting record sales.

Property developers invested 10 percent more, or CNY6.6 trillion (USD958.9 billion) in buildings, data from the National Bureau of Statistics show. Some 71 percent of this investment was poured into residential housing, the value of which rose 14 percent to CNY4.6 trillion.

The rise in the real estate market has lasted for 38 months, said Zhang Dawei, the chief analyst of Centaline Property. Property sales hit a record of CNY7.8 trillion, which was almost CNY1 trillion (USD145.3 billion) more than during the same period last year.

Against the backdrop of tightened regulations over the sales of real estate, it is surprising that suppliers still gained the upper hand, while reporting a double-digit growth rate, said Yan Yuejin, research director of think tank center E-house China R&D Institute.

Sales will maintain the momentum of strengthening growth in the second half of the year, Yan predicted, adding that there is still room for a price rebound.

Editor: Emmi Laine