The value of land sales in China increased by nearly 50 percent year-on-year in the first seven months fueled by the demand for real estate.

The housing market has become white-hot in some cities in recent months, prompting the authorities to vow they will extend the trial property tax to more cities to try and take some of the heat out of the market.

The central government has already introduced a number of measures aimed at curbing house prices, but prices have continued to rise at a fast clip this year.