The real estate sector in China's capital gobbled up more foreign capital in the first eight months of the year, despite government efforts to tighten control over speculation by foreign investors in the area.

According to the latest data provided by the municipal statistical bureau, 36 foreign-funded projects were approved in the Jan.-Aug. period, a year-on-year growth of 56.5 percent. The projects involved 790 million U.S. dollars in contracted foreign capital, up 68.2 percent. A total of 470 million U.S. dollars of foreign capital was actually used in the sector In the eight-month period, up 66 percent.

Between January and August, Beijing approved 1,409 foreign-funded projects, up 5.2 percent on the previous year. They involved five billion U.S. dollars in contracted foreign capital, up 20.7 percent. 3.3 billion U.S. dollars were actually used, up 30.9 percent.

Most of the money went to the service industry, which attracted 3.69 billion U.S. dollars in contracted foreign capital and actually used 2.49 billion U.S. dollars, sources with the bureau said.

Source: Xinhua