* China Q2 property investment +8.2 pct y/y (vs +9.1 pct in Q1)
* Q2 sales by floor area +14.1 pct y/y (vs +19.5 pct in Q1)
* June property investment +7.9 pct y/y (vs +7.3 pct in May)
* June sales by floor area +21.4 pct y/y (vs +10.2 pct in May) (Recasts first paragraph, adds analyst comment & context)
By Yawen Chen and Kevin Yao
BEIJING, July 17 (Reuters) - China's real estate investment growth slowed slightly in the second quarter from the first, suggesting government curbs to rein in the red-hot property market are starting to hit speculators even though underlying demand remains resilient.
As part of a broader effort to temper financial risks stemming from a build-up of debt since the 2009 financial crisis, Chinese authorities have slapped a flurry of cooling measures over the past year to defuse a housing bubble. Those steps targeted at speculators in the biggest cities appear to be paying dividends.
Growth in property investment, which mainly focuses on residential but also includes commercial and office space, eased to 8.2 percent in April-June from a year earlier, compared to a 9.1 percent expansion in the first three months of the year, according to Reuters calculations based on data from the National Bureau of Statistics (NBS).
The increase in the area of property sold also slowed to 14.1 percent in the second quarter year-on-year, from a 19.5 percent gain in the first quarter, Reuters calculation showed.
Real estate investment is a major driver of the economy affecting more than 40 other sectors.
China's economy grew a faster-than-expected 6.9 percent in the second quarter from a year earlier, matching the robust first quarter rate.
However, buyer demand appeared to be more resilient than expected, reinforcing analysts' views that China's property market is unlikely to suffer a hard landing as some have worried.
"The property market has cooled a bit but there may not be a big correction, we don't think there are systemic risks. We are not as worried as when the curbs were put out in March and April," said ANZ economist Betty Wang.
Indeed, real estate investment growth sped up in June after slowing in May, suggesting investment in the sector remained strong, likely due to more robust demand in smaller centres that are encouraged to reduce inventory and not subject to strict curbs seen in the bigger cities.
It accelerated to 7.9 percent in June from a year earlier, compared to a 7.3 percent expansion in May, according to Reuters calculations based on NBS data.
Property sales, measured by floor area, grew 21.4 percent, more than double the 10.2 percent increase in May, Reuters calculations showed.