Investment in China's real estate, factories and utilities rose at a slower pace in July, suggesting government’s curbs starting to get hold, Bloomberg reported.   According to the statistics released by the National bureau of Statistics, fixed-asset investment in towns and cities climbed 30.5 percent to 4.48 trillion yuan in the first seven months from a year earlier.   The reports ``suggest a slowdown in the real economy,'' said Bloomberg, quoted Paul Cavey, an economist at Macquarie Securities in Hong Kong, as saying. ``Officials will probably wait another month to get a clearer picture of what's happening'' before tightening more. ``China is a developing country, it needs investment,'' said Ben Simpfendorfer, China strategist at Royal Bank of Scotland in Hong Kong. ``Many developed countries have underinvested in infrastructure for years, especially power and transport, so there's an argument for saying that China's investment is going to support future economic growth.''