The Asia Maritime Transparency Initiative (AMTI) said the buildup continued despite rival claims across the sea from Vietnam, the Philippines, Malaysia, Brunei and Taiwan.
Over 2017, China installed infrastructure to support air and naval bases, such as "large radar and sensor arrays", the Washington-based think tank said.
Fiery Cross Reef saw the most construction last year, with building work spanning 27 acres, or about 110,000 square metres, AMTI said its analysis of satellite images showed.
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