Developers signal optimism with 20.5% surge in spending

China's property investment kept going strong in the first seven months of the year, and investment growth in new projects accelerated to the highest in July this year, suggesting real estate companies are confident in the industry outlook, analysts said.

Property investment grew 20.5 percent year-on-year to 4.4 trillion yuan ($713.7 billion) from January to July, the National Bureau of Statistics said Friday.

The pace of expansion was 0.2 percentage point faster than from January to June.