Sharp fall in China’s construction market

China’s property sector continued to weaken in August, with real estate investment falling 12.9% in the first eight months of the year, a sharper decline than the 12.0% drop reported in July. The persistent downturn is weighing heavily on the broader economy and straining Beijing’s efforts to boost domestic demand. New home sales by value fell 7.0% year-over-year during the January–August period, widening from a 6.2% decline in the first seven months. Average home prices across 70 major Chinese cities dropped 3.0% in August from a year earlier, according ...