China's property investment slightly picks up

BEIJING - Investment in China's property sector picked up slightly with sales showing continued expansion, official data showed Tuesday.

Real estate investment rose 5.4 percent year on year in the first eight months of 2016, slightly higher than 5.3 percent registered during the January-July period, according to the National Bureau of Statistics (NBS).

For residential properties, investment rose 4.8 percent year on year, accounting for 66.9 percent of investment in the sector.

Housing sales maintained steady growth. In terms of floor area, property sales jumped 25.5 percent in the first eight months,

By the end of August, 708.7 million square meters of property remained unsold in China, down by 5.12 million square meters from a month earlier.

China's property market has become increasingly diversified, with major cities reporting record prices and smaller cities struggling to shift the glut.

The split picture means the government must strike a balance between curbing asset bubbles in big cities and boosting sales in smaller cities.

At a press conference on Tuesday, NBS spokesperson Sheng Laiyun explained that cities will adopt differentiated policies to guide market expectations.