Chinese National Statistics Bureau said home prices plunged in 45 cities, 22 cities remained steady, and three only recorded a rise last month. On the annual basis, new home prices slipped in 27 out of 70 cities in February.

New home prices in China's four major cities showed a drop for a fifth month; Beijing dropped 0.1%, Shanghai fell 0.2%, and Guangzhou and Shenzhen plummeted by 0.2%.

The decline comes largely from the curbs imposed by the government on property market to return prices to reasonable levels.