China's new home prices extend decline in February

BEIJING, March 16 (Reuters) - Prices of China's new homes remained in contraction in February, official data showed on Monday, indicating the troubled property sector is still far from recovery.

Home prices fell 0.3% compared with the previous month, moderating from the 0.4% drop in January, according to Reuters calculations based on data released by the National Bureau of Statistics.

On an annual basis, prices dropped 3.2%, after sinking 3.1% in January.