THE value of new home purchases in China continued to rise at a slower pace in the first five months of the year, according to latest data released by the National Bureau of Statistics.

Sales of new residential properties, excluding government-subsidized affordable housing, climbed 56.8 percent from a year earlier to 2.19 trillion yuan (US$353 billion) between January and May, the bureau said over the weekend. That compared to the 65.2 percent annual growth registered in the first four months and a 69 percent increase in the first quarter.

By volume, new home purchases rose 37.6 percent to 351 million square meters during the five months, also decelerating from a 41 percent growth recorded in the January-April period.

Investment in housing projects, meanwhile, advanced 21.6 percent year on year to 1.8 trillion yuan in the first five months, similar to the pace in the first four months, the bureau said.