An Australian trial court (in 2019) held the following. My question is whether this approach would imply that all vertical mergers, like all horizontal mergers, lessen competition to some degree. If so, then the debate becomes purely about substantiality, which must take us back to likely outcomes

Thanks, although I didn’t catch that in my first read. Are you referring to this part?

Maybe, but Chinese dwelling prices rise over time in nominal as well as real terms: