Chinese home prices fell by a record last month, paced by a 15% plunge in the southern export hub of Shenzhen, where factories closed as growth in the world’s third-biggest economy slowed, according to Bloomberg’s compilation of National Development and Reform Commission figures.

The -1.2% decline in prices in 70 major cities is the most since the Government started issuing the data in August 2005, according to the compilation, and new-home prices fell -1.8%.

The drop in prices reflects cuts by developers to lure buyers as China’s economy expanded at the slowest pace in at least seven years and exports declined by the most in almost 13 years. Chinese builders reported higher sales transactions in February, after a smaller gain in January, when markets were closed for the weeklong Lunar New Year holiday.

China’s gross domestic product (GDP) grew +6.8% in the fourth quarter, and exports dropped -17.5% in January, as demand from the U.S. and Europe dried up.