As China’s property crisis reverberates through all sectors of the economy, the building materials sector, which is closely correlated with new home purchases, has been in double-digit decline for 5 consecutive months. According to the Chinese National Bureau of Statistics, sales of building materials (i.e., those sold by retailers and D.I.Y. stores) fell by 2.4% in value in the first quarter of 2023 (year-on-year) and by 6.3% for the six months to the end of June. Year-on-year, sales fell by 1
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