Strait of Hormuz traffic remains becalmed despite ceasefire

France and Britain will co-host a video conference Friday of countries ready to contribute to a "purely defensive mission" to secure the Strait of Hormuz, the French president's office said.

President Emmanuel Macron and British Prime Minister Keir Starmer will co-chair the meeting to discuss a plan to "restore freedom of navigation in the Strait of Hormuz when security conditions allow", the Elysee said on Tuesday.

A spokesman for the British prime minister's office said: "The summit will advance work towards a coordinated, independent, multinational plan to safeguard international shipping once the conflict ends."

UK Prime Minister Starmer said Monday that Britain had convened more than 40 nations.

Macron said in early March that France and its allies were preparing a "defensive" mission to reopen the strategically vital waterway. He has however ruled out vessel escorts under "bombings."

"Several dozen countries have already taken part in preparatory work led in particular by the chiefs of staff to define the framework for such a mission," French Foreign Minister Jean-Noel Barrot told Radio France Internationale on Tuesday.

"It is a matter of coordinating with the coastal states," he added.

US-Israeli strikes on Iran in late February sparked a region-wide war and brought traffic through the Strait of Hormuz to a near standstill, blocking a key route for global oil and gas shipments.

Iran and the United States last week agreed to a two-week cessation of hostilities, but ceasefire talks between the warring sides in Pakistan over the weekend ended in failure.

US President Donald Trump responded by ordering his navy to carry out a blockade of Iranian ports along the Strait of Hormuz starting Monday.

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For a decade, Benin's new president Romuald Wadagni has been the behind-the-scenes architect of sweeping economic reforms that have led to one of the strongest growth rates in west Africa.

But the 49-year-old technocrat, who had rarely appeared in the media, was catapulted to the forefront of an election campaign as the anointed successor of President Patrice Talon.

From the airport lounge to roundabouts dotting Benin's economic capital Cotonou, images of his smiling face framed by his round glasses have been prominent for weeks.

At times holding up to six rallies a day, Wadagni has campaigned across the country, talking and mingling with voters, in the first election in which he has ever stood.

Adopting a more casual style, ditching a tie and suit, he has delivered speech after speech without notes, sweeping through topics as if trying to break free of the image of a dyed‑in‑the‑wool economist.

"During this campaign, he showed his true colours; he has a personality that's close to the people, that’s his true nature," one of his allies said.

Wadagni comes from a family of intellectuals. His father was an economist and his mother an entrepreneur.

Nicknamed "RoW" by supporters, he was born on June 20, 1976 in Lokossa in southwestern Benin, near the border with Togo.

He stresses that he has stayed close to his roots and likes to point out that he owns a farm. However, his formative years were spent far from Benin.

He studied finance in Grenoble, France and then moved to the United States to study at Harvard, before joining consulting firm Deloitte where he became a partner and handled African operations.

In April 2016, just before he turned 40, newly elected president Patrice Talon made him economic and finance minister, tasked with implementing ambitious reforms.

Under his tenure, Benin's public finances have been cleaned up, with the deficit cut by a third and brought down to three percent of GDP. Big infrastucture projects have been launched amid a drive to modernise the economy.

In 2021, when Talon won his second and last term permitted under the constitution, he kept Wadagni at the finance ministry, promoting him to minister of state.

- 'Continuity' -

With growth on track, averaging more than six percent over the decade, Wadagni and Benin won the backing of international investors.

As president "he will follow in the continuity of what has been done," political analyst Franck Kinninvo said.

But he faces much more than just ensuring economic development, as Benin battles jihadist violence in the north which has hit the army hard.

Allies say Wadagni has been involved in all Talon's security decisions in recent years and chose to hand over the baton to him.

For his campaign, he won the support of the two majority parties and even some opposition figures.

"He's someone who brings people together," an ally said.

Activist and supporter Lucien Fayomi said some people criticised Wadagni for being "relatively discreet politically".

"But that can also be a strength in a context where restraint and efficiency are valued," he said.

"For us, Wadagni represents a new generation of leadership, less about rhetoric and more about impact," Fayomi added.

On the diplomatic front, the new president -- who is elected for seven years, renewable once -- is also expected to maintain a policy of continuity.

He does not hide his close ties with France, the former colonial power that has become  unpopular in west Africa.

But he plans to try to reopen dialogue with neighbouring Niger where the sovereignist military junta has been openly hostile to Benin.

Unclearer is whether Wadagni will maintain controls on public freedoms that under Talon has seen several opposition figures imprisoned and others flee into exile.

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Ukraine's President Volodymyr Zelensky on Tuesday visited Germany, his country's biggest military backer, which is increasingly seeking to tap UKraines battlefield expertise.

Zelensky was to hold talks with Chancellor Friedrich Merz in Berlin, expected to focus in part on cooperation in drone production.

The consultations come as US-initiated peace talks between Russia and Ukraine have stalled, with Kyiv baulking at the idea of ceding territory to Moscow.

US President Donald Trump has also voiced anger at European NATO allies for failing to join the US-Israeli war against Iran or patrol the Strait of Hormuz.

Defence ministers allied to Kyiv and NATO chief Mark Rutte were to meet on Wednesday in Berlin as part of the Ukraine Defence Contact Group.

Germany has become Ukraine's biggest backer in the war with Russia, now in its fifth year, as the United States has reduced its support.

The Ukrainian army now has strong battlefield experience in military drones, now essential weapons due to their relatively low cost and increasing effectiveness and range. 

The Middle East war has provided Kyiv with a chance to showcase its expertise, with Zelensky dispatching anti-drone specialists and visiting countries targeted by attacks from Iran, a Russian ally.

Berlin is keen to capitalise on this expertise, as Merz has allocated hundreds of billions of euros to rebuild the German army to deter a hostile Russia.

Zelensky in February visited a drone production site in Munich established by a German and Ukrainian joint venture to produce equipment for Ukraine's military.

Germany's Quantum Systems and Ukraine's Frontline Robotics announced the joint venture, Quantum Frontline Industries (QFI), in December.

Quantum Systems on Tuesday said it would announce two new joint ventures with Ukrainian manufacturers during the Berlin talks.

- 'Unity Hub' -

"Our existing joint venture QFI demonstrates that production capacity in Germany can be established within weeks, with operational systems delivered to Ukraine," said Matthias Lehna, managing director of the venture.

"We are convinced that this cooperation will form the core of Europe's future defence capabilities," he said.

The Zelensky-Merz meeting comes as hopes are rising that the European Union can soon provide Ukraine with a 90  billion euro ($105 billion) loan agreed in December.

The loan had been blocked by Hungary's nationalist prime minister Viktor Orban, but his election defeat last weekend to conservative Peter Magyar means European leaders are now hoping to soon release the funds.

German government spokesman Stefan Kornelius on Monday said he hoped the aid would be made available to Ukraine "very quickly".

As the Ukraine war grinds on, Germany has given refuge to hundreds of thousands of refugees.

To kick off Tuesday's talks, Ukraine's Social Minister Denys Uliutin met German Interior Minister Alexander Dobrindt at a culture and citizens' advice centre called a "Unity Hub".

The hub "will serve as a central point of contact for Ukrainians who have fled to Germany as a result of Russia's war of aggression", the interior ministry said in a statement.

The centre will provide "advice on job hunting and integration in Germany" but will also aim to "encourage a willingness to return" to Ukraine, the ministry said.

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China's President Xi Jinping warned against a return to the "law of the jungle" in international relations and called for closer economic ties with Spain as he met Prime Minister Pedro Sanchez on Tuesday, according to Chinese state media.

The meeting in Beijing came on the second day of Sanchez's visit as he seeks to position Spain as a bridge between China and the European Union, whose relations with the United States are under strain.

Xi told Sanchez the two countries should strengthen cooperation in the face of global "chaos and turmoil" and "a contest between justice and force", according to a readout of the talks from state broadcaster CCTV.

"Both China and Spain are principled countries that stand for justice. They should strengthen communication, consolidate mutual trust, and cooperate closely to oppose the world's regression to the law of the jungle," Xi said during talks in the Great Hall of the People.

"How a country treats international law and the international order reflects its worldview, its conception of order, its values, and its sense of responsibility," Xi said.

Spain and China should "seize opportunities" for cooperation in trade, new energy and technology fields, he said.

Sanchez welcomed China's role in seeking to resolve the conflict in the Middle East, after a first round of US-Iranian negotiations in Pakistan ended without an agreement.

"The role China can play is important in order to find diplomatic means that end this war and contribute to stability and peace," Sanchez told a news conference after the talks.

The Socialist leader said international law in the region "is being violated basically by one country", Israel, which has invaded Lebanon in its latest conflict with Iran-backed Hezbollah.

Sanchez referred to "those who commit violations or genocides, which is what we are seeing in Gaza, and let us hope the same does not happen in Lebanon, that crimes do not go unpunished".

- 'Unsustainable' trade balance -

The two leaders also discussed "the reforms our multilateral system needs to better recognise the multipolar reality of today's world", Sanchez said. 

The Spanish prime minister is seeking to strengthen economic ties with the world's second-largest economy but called China's trade imbalance with the EU "unsustainable" on Monday. 

He is on his fourth visit to China in four years and follows a steady flow of Western leaders visiting Beijing in recent months as President Donald Trump's tariffs and unpredictable foreign policy have rattled the US's traditional allies.

Spanish government sources said a primary goal of Sanchez's trip is to secure greater market access for agricultural and industrial goods, and to explore joint technology ventures.

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Sony Pictures Entertainment kicked off CinemaCon on Monday with a sneak peek of "Spider-Man: Brand New Day" and a new installment of "Jumanji".

Tom Rothman, president and CEO of Sony Pictures Entertainment, unveiled two posters for the latest Spider-Man film starring Tom Holland and Zendaya, set to hit American theaters on July 31.

The release comes four years after "Spider-Man: No Way Home" became the studio's highest-grossing film with approximately $1.9 billion in global box office receipts.

"It feels like nothing we've ever made," Rothman said at the Colosseum Theater in Las Vegas, before introducing lead actor Holland, who joined virtually. 

"It's the most emotional Spider-Man movie we've ever made, and in some ways, the most grown up," said Holland, who plays the arachnid superhero.

In a short clip shown at CinemaCon, where film studios bring in their stars and offer a sneak peek at their upcoming slate, Holland's Peter Parker faces the consequences of the decisions he made in the previous film, which ended on a cliffhanger.

Not only do his friends have no idea he exists, but his girlfriend MJ -- played by Zendaya -- has a new love interest.

Expectations for the film are high, with its trailer gaining millions of views since its release last month.

The film, directed by Destin Daniel Cretton, will star Mark Ruffalo, Jon Bernthal and Sadie Sink.

Sony Pictures Entertainment also unveiled a first glimpse at "Spider-Man: Beyond the Spider-Verse", the animated spin-off due to hit theaters in June 2027. 

It closed its presentation with a clip from the third installment of "Jumanji".

Dwayne Johnson, Jack Black and Kevin Hart said that "Jumanji: Open World", set for release in December this year, will feature tributes to the late actor Robin Williams, who starred in the first film of the popular franchise.

- Box office optimism -

Sony Pictures Entertainment's presentation marked the start of CinemaCon, which this year focuses on optimism over the year's strong start at the box office. 

Rothman celebrated the progress, but noted that sales have not yet reached pre-pandemic levels.

"We all have urgent work to do," Rothman said. "For our part, that means delivering a variety of great films to all kinds of audiences. But you, my friends, have an urgent part to play." 

"Affordability is by far the hardest. Going to the movies must become affordable again," he added.

CinemaCon will also provide an opportunity to reflect on how to sustain the momentum in the industry, in a year that could bring significant changes -- such as the expected takeover of legendary studio Warner Bros. Discovery by Paramount Skysdance.

"When you have consolidation of legacy studios, as we learned with Disney and Fox, the amount of movies produced goes down, prices go up, and we think that is bad for theaters," Michael O'Leary, CEO of Cinema United, which organizes the gathering, told AFP last week. 

CinemaCon, which takes place from April 13-16, will host presentations in the coming days from Warner Bros., Universal Pictures, Paramount Pictures, Neon, Walt Disney Studios and Amazon MGM Studios.

The event is also set to attract a host of stars, with Zendaya, Matt Damon, Timothee Chalamet, Tom Cruise and Christopher Nolan all expected to attend.

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Washington's decision to blockade Iranian ports in the Strait of Hormuz is sending tremors through global energy markets, raising fears of a fresh oil shock by threatening supplies to Asia.

Iran had continued to pump crude to Asia since the start of the Middle East war, partly shielded by its elusive "dark fleet". 

Roughly one-fifth of the world's oil normally flows through the vital waterway. In recent weeks, Iran has already tightened the screws, sharply slowing maritime traffic and reportedly charging transit fees.

Now the additional blockade of Iranian ports ordered Sunday by US President Donald Trump threatens to land another blow to global oil and gas supplies after the fighting damaged energy facilities in the Gulf states and blocked their exports through the Strait, said Amir Handjani of the US‑based Quincy Institute for Responsible Statecraft.

Just days after launching the war against Iran with Israel on February 28, the US temporarily eased some sanctions on Tehran to prevent an abrupt energy shock -- particularly for Asian economies. 

On Sunday, the Felicity -- a tanker operated by the National Iranian Tanker Company (NITC)-- delivered two million barrels of oil to India, the first such above-board shipment since 2019, according to tracking site Tanker Tracker.

- Oil still flowing -

Iranian crude had been helping ease the market in meeting demand so far, Handjani told AFP, warning the blockade now threatens that fragile balance.

"What is the US Navy going to do? They're not going to confront Chinese, Indian and Pakistani merchant ships" loading in Iranian ports, he said.

"That's an act of war."

China remains the world's largest importer of Iranian crude, and on Tuesday said the US blockade was "dangerous and irresponsible." 

Oil prices, already climbing, will continue to surge, Handjani predicted.

Prices jumped eight percent to above $100 a barrel Monday in early Asian trading -- just hours after the blockade was announced. 

For expert Elisabeth Braw of the Atlantic Council, "it's a bit of a Hail Mary move" by Washington after it had "exhausted all options". 

Blockading merchant ships violates the UN Convention on the Law of the Sea and is illegal, she noted.

According to data from commodities tracking firm Kpler analysed by AFP, Iran has exported an average of about 1.8 million barrels of crude per day by sea since early March. That is slightly above its 2025 average of around 1.7 million per day. 

Between March 1 and April 12, 58 oil tankers transited through the strait carrying cargo, AFP analysis of Kpler data showed.

Nearly 80 percent set off from Iranian ports -- mainly Kharg Island -- or flew the Iranian flag, hauling a total of 11 million tonnes of crude.

Many of those vessels belong to Iran's "dark fleet", made up of ageing ships operating for years in deep opacity -- with unclear ownership, false flags, lack of insurance or manipulated GPS data, all with the intent to dodge international sanctions, experts told AFP.

- Dark fleet advantage -

"It's actually surprising how effectively the dark fleet operated throughout the duration of the war," said David Tannenbaum, director at US‑based sanctions consultancy Blackstone Compliance Services.

"We thought that there would actually be a crackdown on the dark fleet but in reality, what happened was the (Trump) administration basically gave the dark fleet a shot in the arm and allowed them to export all this oil."

As sanctions eased, Iranian crude flipped "from trading at a 40-percent discount to a 10-percent premium," compared with previous pricing, Tannenbaum estimated.

"Because Saudi Arabia, the UAE, and other Gulf producers are seeing exports constrained or rerouted at great cost, Iran has managed to sustain flows at strikingly resilient levels," said Cyril Widdershoven, an analyst at Blue Water Strategy.

"Tehran has managed to set up a system that is sophisticated, decentralised, and remarkably difficult to disrupt without escalating into a full-scale maritime conflict," he added in a Saturday op-ed. 

Handjani said Iran is ready to withstand the blockade. 

Retaining control of Hormuz is "existential, it's life or death," both as a long-term security guarantee and a crucial source of funding for post‑war reconstruction, he added.

On the US side, Handjani said Trump will be watching how markets react.

If "the price of oil is going up, inflation is going up and the stock market's going down, he's going to start to panic," he said. 

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As the clock ticked down to US President Donald Trump's deadline to destroy Iran's civilisation last week, hope emerged from an unlikely corner, with Pakistan's prime minister first seeking -- and within hours securing -- a two-week ceasefire between the warring sides.

Now, with a round of talks concluded in Islamabad and frantic negotiations underway to secure a second go, Pakistan is basking in its new role as a regional peacemaker, analysts say.

"Pakistan very much wants to ride the momentum that it has been enjoying over the last few weeks as a critical mediator," Michael Kugelman, senior South Asia fellow at the Atlantic Council, told AFP.

It is a remarkable turnaround for a South Asian country long seen internationally through a security lens, as it battled armed extremists and separatists at home while being accused of supporting the Taliban in Afghanistan.

The mediator of peace talks had itself just fought battles with its neighbours last year -- Pakistan fought a brief but intense war with India in May, and two rounds of conflict with neighbouring Afghanistan, where Islamabad accuses the Taliban authorities of harbouring armed groups.

Raja Qaiser Ahmed, a professor of international relations at Islamabad's Quaid-i-Azam University, said Pakistan's robust military responses in both conflicts helped burnish its regional credentials.

"In international politics, the currency is power," he said. "When you have demonstrated it operationally, and now you are just building it up diplomatically."

Kugelman hailed Pakistan as "an unsung success story when it comes to strategic autonomy."

"Pakistan is looking to change global perceptions about its capacities as a global player," he said. 

"It does not like the fact that it has a poor global image and wants to essentially push back against its critics and show that it has the capacity to affect change and be influential on the global stage."

- Unique geography -

When the US-Israel war on Iran broke out, quickly engulfing the Middle East, Islamabad was careful not to take sides between Washington and Tehran.

Since US President Donald Trump took office, Pakistan has seen ties warm significantly, after Islamabad lauded him for having helped mediate the end of the conflict with India. Delhi denies Washington played a significant role.

A visit to Washington by Pakistani PM Shehbaz Sharif and powerful army chief Asim Munir followed, with Trump now often referring to the latter as his "favourite field marshal".

Pakistan shares a 900-km border with Iran, with whom it has maintained warm -- if sometimes testy -- relations, with the countries sharing significant cultural and trade ties.

Early on Sunday, when US Vice President JD Vance took the podium in Islamabad to declare that no agreement had been reached after marathon 21-hour talks, he was also quick to praise Pakistan.

He thanked Sharif and Munir by name, saying they "did an amazing job and really tried to help us and the Iranians bridge the gap and get to a deal."

Iran's top negotiator Mohammad Bagher Ghalibaf had similar words of thanks.

Asif Durrani, a former Pakistani ambassador to Tehran, said Pakistan had proven its importance with the talks, even if the first round did not lead to a deal.

"I think Pakistan is a power to be reckoned, and very much Pakistan is a player. Its geography is so unique that it cannot be ignored," he said.

As a neighbour of China as well, Pakistan has cultivated good relations with Beijing, which diplomats and Trump himself have said was key in getting Iran to the negotiating table.

Pakistan also has close ties with the Gulf nations that have been pulled into the conflict by Iranian retaliatory action. That includes Saudi Arabia, with whom it has a mutual defence pact.

On Monday, Pakistani PM Sharif said efforts remained underway to continue negotiations, and a second round of talks remained a possibility.

Vance, however, has taken a harder line, suggesting in an interview on Fox News that while further talks were possible, there was "no flexibility" on Iran's nuclear programme.

For Kugelman, even if there is a return to fighting, Pakistan would still emerge with its international image enhanced.

"I think that even if the war resumes, it will not suffer reputational cost. I would argue that if anything, it's enjoyed reputational boost because it's been able to push back against criticism that it doesn't have the capacity to pull off this type of diplomacy," he said.

"It's also strengthened its image. It's been able to project itself as a peacemaker."

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Three men went on trial Tuesday over the theft of a priceless gold Romanian helmet from a Dutch museum, a brazen heist that sparked shockwaves in Romania and the art world.

In January 2025, thieves used explosives and sledgehammers to break into the Drents Museum in the north of the Netherlands, making off with the 2,500-year-old Helmet of Cotofenesti and three gold bracelets.

The robbery sparked a massive manhunt and police arrested the trio just days afterwards.

But the whereabouts of the haul remained a mystery until earlier this month, when authorities made a dramatic reveal of the helmet and two of the bracelets at a news conference at the museum.

The treasures were recovered after authorities cut a deal with two of the suspects -- the third denies all involvement in the heist.

The suspects, identified as Jan B. (21), Douglas Chesley W. (37) and Bernhard Z. (35), face charges of theft and the destruction of the museum.

Questions remain over the whereabouts of the third bracelet.

Aside from a minor dent in the helmet, the haul was in excellent condition and is expected to be returned to Romania soon.

The Dutch government had set aside 5.7 million euros ($6.5 million) for a likely payout following the robbery.

The pieces were on loan from a Bucharest museum, whose head was promptly sacked for lending the works out in the first place.

Dutch museums and galleries have been targeted by thieves in the past -- including in November, when works by artist Andy Warhol were taken, and in 2020, when a Van Gogh was stolen from a museum.

The heists have prompted calls for better security to protect valuable artworks.

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Botswana has signed energy and mining exploration agreements with Oman as it seeks to deepen economic ties with the sultanate, the presidency said.

The Southern Africa nation has been courting Gulf states as it seeks to diversify an economy heavily reliant on diamonds, of which it is the world's leading producer by value.

President Duma Boko and Oman's Sultan Haitham bin Tariq agreed to develop a 500-megawatt solar photovoltaic plant with battery storage, the presidency said on Monday.

The two sides also signed a joint exploration agreement covering copper, gold, graphite and iron ore.

A separate infrastructure deal includes storage at Namibia's port town of Walvis Bay and the Tshele Hills Strategic Petroleum Depot to bolster supply security. 

The presidency did not disclose the value of the deals. 

Botswana relies on diamonds for about a third of its gross domestic product, but revenues have fallen sharply due to weak prices and rising competition from lab-grown stones, which has curbed demand.

In March, S&P Global Ratings downgraded the country's long-term foreign and local currency sovereign credit ratings, citing "structural weakness in global diamond demand."

"The downgrade reflects our view that global diamond demand will likely remain weak for longer, weighing on Botswana's already-strained economy and public finances," the New York-based agency said. 

Boko used his visit to France last week to meet employers federation MEDEF and publish an article in business daily La Tribune touting Botswana's appeal to investors.

The country is among several African governments and firms seeking a stake in De Beers, the world's leading diamond company, as the industry grapples with a prolonged downturn.

De Beers is majority-owned by British mining giant Anglo American, with a 15 percent stake held by Botswana. 

In February, Anglo American cut the value of De Beers by $2.3 billion after reporting similar impairment charges in 2025 and 2024, leaving the unit with a value of $2.3 billion.

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The founder of Chinese property giant Evergrande has pleaded guilty to charges of fraud and bribery, a court said on Tuesday, the latest blow for what was once the country's leading developer.

Evergrande's rise was propelled by decades of rapid urbanisation and rising living standards, but in 2020, its access to credit dramatically narrowed when the government introduced curbs on excessive borrowing and speculation.  

The company defaulted in 2021 after struggling to repay creditors.

Founder Xu Jiayin, known as Hui Ka Yan in Cantonese, was reportedly held by police in 2023, with Evergrande saying he had been subjected to measures "due to suspicion of illegal crimes".

A public hearing was held Monday and Tuesday on a case against Xu for "illegally absorbing public deposits, fundraising fraud, illegally issuing loans, illegally using funds, fraudulently issuing securities, disclosing important information in violation of regulations, embezzlement and (corporate) bribery", a court statement said.

"Xu Jiayin pleaded guilty and expressed remorse in court," the statement from the Shenzhen Intermediate People's Court in southern Guangdong province said, without elaborating further.

Evergrande Group and its real estate arm also stood trial this week.

Evergrande is accused of a list of crimes including fraud, bribery and illegally issuing loans. Its real estate arm faces a charge of fraudulently issuing securities.

The court said it would announce a verdict at a later date.

- Giant's fall -

Listed in Hong Kong in 2009, Evergrande surged to a peak market value of more than $50 billion under the stewardship of founder Xu.

But fortunes reversed in 2020 under the new borrowing regulations from Beijing.

Subsequent years saw a drawn-out struggle across the industry to complete construction projects as shares plunged and cash flows choked.

A Hong Kong court issued a winding-up order in January 2024, ruling that the company had failed to come up with a suitable debt repayment plan.

Last August, it delisted from the Hong Kong stock exchange. 

Xu, 67, was once one of China's richest billionaires and a member of China's top political advisory body.

His wealth and status have since plummeted, as Beijing has moved to crack down on corruption in the financial sector.

Evergrande's saga -- and similar issues faced by other property giants including Country Garden and Vanke -- have been closely followed by observers assessing the health of the world's second-largest economy.

The crisis has also dampened consumer sentiment at a time when Chinese officials are pushing for a new growth model driven more by domestic spending rather than investment.

New home prices in China have been contracting for nearly three years.

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