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 3.6% in February, after a 2.5% gain in January. It was the biggest annual rise since June 2014.

The main contributor was Shenzhen, where home prices jumped by 56.9% year-on-year in February.

On a monthly base, house prices increased in 47 of 70 cities, prices slid in 15 cities, while prices remained unchanged in 8 cities.

The monthly rise was mainly driven by higher prices in Shenzhen, which climbed 3.6% in February.