Aggressive expansion by luxury and fast-fashion brands in China is driving the country's retail property investment market, according to the latest report released on Thursday.

A report by Cushman & Wakefield, the privately held commercial real estate services company, said rapid growth in the second half in consumer expenditure and surging enthusiasm for luxury brands, are pushing up demand for retail property, especially in Beijing and Shanghai.

Citing a recent survey by Bain & Co, which pointed out that luxury sales in China had experienced 25 percent growth in 2011, the Cushman report said luxury consumption in China shows no sign of slowing down, with the country now the world's third-largest luxury market.