According to Reuters calculations based on data from China's National Bureau of Statistics (NBS), average new home prices in 70 major cities climbed at an annual rate of 4.9% in March, after a 3.6% gain in February.

The main contributor was Shenzhen, where home prices jumped by 61.6% year-on-year in March.

On a monthly base, house prices increased in 62 of 70 cities, while prices slid in 8 cities, according to the NBS.

The monthly rise was mainly driven by higher prices in Xiamen, which climbed 5.4% in March.