Kingfisher, the owner of B&Q, Britain’s biggest DIY chain, will close one in three of its China stores amidst a slumping property market.

The company, once the biggest British corporate investor in China, is closing 22 of its 63 stores and a further 17 will be downsized.

Ian Cheshire, Chief Executive of Kingfisher, said the operation had expanded too rapidly. He said the dramatic housing market slowdown in China had affected sales, highlighting operational weaknesses.