China's new home prices extend decline in January

BEIJING, Feb 13 (Reuters) - China's new home prices extended their decline in January, official data showed on Friday, indicating weak demand that would further weigh on the country's cash-strapped developers.

Prices fell 0.4% month-on-month, matching the previous month's decline, according to Reuters calculations based on National Bureau of Statistics data.

On an annual basis, prices dropped 3.1% in January, quickening from a 2.7% fall in the previous month and marking the steepest decline in seven months.