Reuters reports that data from the National Bureau of Statistics showed that real estate investment in China rose at a slower pace in May, as more smaller towns joined bigger cities in trying to curb red-hot housing prices.

Real estate investment in May rose 9.8% from a year earlier, slowing from 13.7% seen in April.

For January-May, property investment grew 18.3% from the same period last year, slower than a 21.6% increase in January-April.

With China's economy rebounding from last year's coronavirus-induced slump, authorities have stepped up efforts to rein in home price rises this year to curb speculative activity and prevent an asset bubble.

Property sales by floor area rose 9.2% in May from a year earlier, slower than 19.2% growth in April, Reuters calculations showed.

New construction starts, measured by floor area, fell 6.1% in May, narrowing from the 9.3% decline in April.

Funds raised by China's property developers grew 29.9% on the year, down from growth of 35.2% in the first four months.