Of the countrys Statistics Bureau made a stark warning about the number of Vacant Properties in the country. He said chinas massive population of 1. 4 billion people was not enough to fill the number of empty apartments across the country. Our Asia Business reporter Monica Miller explains. Debt restructuring plans fell apart over the weekend which has led to a massive sell off this morning. We are seeing here in asia, about 24 . This was an unexpected development. The embattled developer said that later on sunday it was unable to issue new debt due to the Ongoing Investigation into one of its domestic subsidiaries. Now this company has been plagued with trying to figure of how to pay off its debt with onshore as well as Offshore Companies and investors. You know, it slumped since 2021 when evergrande defaulted initially on its debt obligations. That was following a clampdown from the government on new borrowing. Multiple homes have been purchased by speculators in this market. That happened around 2016 when the market was incredibly red hot. But a lot of it, again, it fell into thin air, which together is making up the bulk of unused space and Affordable Housing is very hard to find in parts of china. Big name developers such as country garden, thats another one we talked about on this programme, continue to teeter, just close to default, even to this day keeping home Buyer Sentiment depressed. There was an unusual statement out over the weekend by a former official that was sane, even its population of 1. 4 billion official that was saying, even its population of 1. 4 billion people, not even that many people can fit into the amount of apartments they had tried to build. A lot of these homes are just sitting vacant, half of them are just cement files sitting in the sky. Piles sitting in the sky. So the government is really starting to crack down on this but again, very little information. Really a step backwards, we shall say for people who are owed money by these big Property Developers out of china. Monica minna may lead there with the details. Staying in china, and europes commissioner for trade has warned that trade between the two regions is very imbalanced. Speaking in beijing on monday, Valdis Dombrovskis warned that european businesses are questioning their future in china, amid changing laws and the politicisation of trade. Heres what he had to say at a Press Conference earlier. Many are questioning their position in the country. They are asking themselves whether what many saw as a win win relationship in past decades could become a lose lose dynamic in coming years. This means European Companies struggle to understand their compliance obligation and that factor significantly decreases Business Confidence and deters new investments in china. Philip lausberg is a Policy Economist at the brussels based think tank the european policy centre. Good to have you with us. Talk to me about some of those comments there. I think it interesting looking at that statement, eu trade chief saying it is very difficult for European Countries to understand their obligations and they are questioning their future in their obligations and they are Questioning Theirfuture in china. That is quite a significant shift in tone. It that is quite a significant shift in tone. , ~ that is quite a significant shift in tone. ,. , � that is quite a significant shift in tone. , ~. , � , tone. It is indeed. We havent seen the eu acting tone. It is indeed. We havent seen the eu acting as tone. It is indeed. We havent seen the eu acting as assertively tone. It is indeed. We havent seen | the eu acting as assertively towards china before. I can only remind ten years ago when the eu industry was destroyed by cheap chinese solar panels that were imported without any Trade Barriers and any measures that were proposed by the Eu Commission and this is something new now. And of course, the Commission President has already said that he wants to de risk from china but this is a new thing and we will see what this will bring. fine is a new thing and we will see what this will bring. Is a new thing and we will see what this will bring. One of the comments there is that this will bring. One of the comments there is that transparency this will bring. One of the comments there is that transparency and there is that transparency and openness, according to the eu trade chief are a Winning Strategy in the long run. Ithink chief are a Winning Strategy in the long run. I think we are far from that right now and that fundamentally is the issue. China is not transparent when it comes to trade with europe and indeed, the rest of the world. That trade with europe and indeed, the rest of the world. Rest of the world. That is right. There have rest of the world. That is right. There have been rest of the world. That is right. There have been concerns rest of the world. That is right. There have been concerns for. Rest of the world. That is right. There have been concerns for many years that china is illegally supporting the industries through cheap credit and direct plans, through other market distorting instruments and the european car industry is really taking the brunt of this now because chinese Electric Vehicles have already an 8 of the European Market share and they are projected to have 50 by 2025 and this is a direct threat to one of europes core industries. This is a direct threat to one of europes core industries. Does china need to play europes core industries. Does china need to play by europes core industries. Does china need to play by these europes core industries. Does china need to play by these rules, europes core industries. Does china | need to play by these rules, though . Looking at these comments, the relationship between the rest of the world and china up until now has deemed to be win win. The comments theyre saying it could turn into a lose lose dynamic in the long run. But its hard to see how china could still lose whilst there has that cheap labour force, still lose whilst there has that cheap labourforce, its power around the world when it comes to sales particularly in manufacturing. Where does china lose in this . If particularly in manufacturing. Where does china lose in this . Does china lose in this . If china loses the european does china lose in this . If china loses the European Market does china lose in this . If china loses the European Market or i does china lose in this . If china loses the European Market or ifj does china lose in this . If china loses the European Market or if they cannot sell those cars as cheaply as they can now because of 20 tariffs or something. This will have an effect on the chinese economy, look at the economy right now, it is not at the economy right now, it is not at its best. They are not growing as they would like to. At the same time, the tensions with the United States are growing. Trade with the United States is in danger when it comes to chips for example, there are Export Controls on that but also other goods. So china is actually in more tense situation geo economically that it was ten years ago when we had the solar panel case. I ago when we had the solar panel case. , ,. , case. I guess the question is whether that case. I guess the question is whether that threat case. I guess the question is whether that threat and case. I guess the question is i whether that threat and tariffs case. I guess the question is whether that threat and tariffs or retaliation is enough to bring china to the table and play on this level Playing Field. Do you expect that china will . Will china come to the Playing Field . H china will . Will china come to the Playing Field . Playing field . I think that they are tou~h and Playing Field . I think that they are tough and there Playing Field . I think that they are tough and there are Playing Field . I think that they are tough and there are tradeoffs Playing Field . I think that they are i tough and there are tradeoffs to be tough and there are trade offs to be made. The European Union said that there are other things they could start, medical equipment and data and so on. I think there is a lot on the table and china needs to balance and see what the interests are. I think there will be space for negotiation and also some space for china to move in this very tense geo Economic Situation that we are in and china has to be careful about this. , , and china has to be careful about this. ,. ,. , this. Really interesting to see how this. Really interesting to see how this la s this. Really interesting to see how this plays out. This. Really interesting to see how this plays out, isnt this. Really interesting to see how this plays out, isnt it . This. Really interesting to see how this plays out, isnt it . Thank this. Really interesting to see how this plays out, isnt it . Thank you. To hollywood, where there has been a breakthrough in the near five month strike that has brought tinseltown to a standstill. The Writers Guild of america which represents more than 11,000 Screen Writers says it has reached a tentative deal that makes meaningful gains and protections for writers. With this pact secured, the major film and tv studios will turn their attention to actors who have also been on strike since mid july. Many us blockbuster films are Made In Britain so the walk outs have caused thousands of uk film crews to lose or postpone work. Lets talk about some of the implications. Fred black is a principal analyst at ampere analysis. A tentative deal with studio bosses, but its not overjust yet. Good morning. No, its not over yet but there will be hope that we can reach a full resolution with the actors pretty soon. Theres a lot of overlap with the issues that the writers had with the studios and the issues that the actors are negotiating on now. Theres a lot of hope that we can use the writers agreement as a blueprint to get actors back to the table and hopefully everybody back to work. The Writers Guild of america says its made meaningful gains and protections for writers do we know what they are . We dont know exactly what they are but it looks like the Writers Guild are confident that they have made leaps of progress on key issues, the keyissues leaps of progress on key issues, the key issues that were at the basis of these negotiations. Minimum pay levels, a minimum number of writers to be employed on any episodic tv show. Meaningful residual systems for streaming content, rewards for success of content in a similar way that they would be rewarded for the success of content on traditional tv channels. , , channels. One thing that still is im ortant channels. One thing that still is important is channels. One thing that still is important is the channels. One thing that still is important is the role channels. One thing that still is important is the role of channels. One thing that still is important is the role of ai, channels. One thing that still is important is the role of ai, the | important is the role of ai, the fact that Artificial Intelligence could take a script and rewrite more episodes based on those first few. Do we know whether there has been a breakthrough on that issue . This do we know whether there has been a breakthrough on that issue . fissi breakthrough on that issue . As i understand breakthrough on that issue . As i understand it, breakthrough on that issue . Sisi understand it, there breakthrough on that issue . Isi understand it, there is agreement on al, we dont know what it looks ai, we dont know what it looks like. But it was one of the key points that was holding the conclusion of negotiations back over the weekend. Both sides very keen to make sure the wording in that particular part of the deal was very specific. In general, it was unlikely the ai specific. In general, it was unlikely the al was going to start writing an entire script anytime soon. But actually, a lot of the writers job is around soon. But actually, a lot of the writersjob is around editing, making revisions to existing scripts, that is a lot of work for them and they were very keen to rule that out entirely. So it will be interesting to see where they ended up. Interesting to see where they ended u. Interesting to see where they ended u. ~. ,. , up. When we get the detail of this aareement up. When we get the detail of this agreement and up. When we get the detail of this agreement and whether up. When we get the detail of this agreement and whether it up. When we get the detail of this agreement and whether it is agreement and whether it is applicable for actors as well. I touched on it that this isntjust a hollywood problem, it is a global problem. We have seen repercussions right around the world. Yes. Right around the world. Yes, exactl. Right around the world. Yes, exactly. Particularly right around the world. Yes, exactly. Particularly in right around the world. Yes, exactly. Particularly in the i right around the world. Yes, l exactly. Particularly in the uk. Right around the world. Yes exactly. Particularly in the uk. The uk Production Industry is heavily reliant on high budget Us Productions that film her. And indeed as an industry, we have been leaning into those production so building new studios, training new staff and Big American Companies have bought up or taken long term leases, Companies Like disney, netflix and amazon. These productions are so large that they are very rarely. The equivalent is rarely made by uk companies. That means there is a huge workforce that has been out of a job while these strikes have been going on. Thank ou for strikes have been going on. Thank you forjoining strikes have been going on. Thank you forjoining us. More strikes and the us president is expected to travel to michigan on tuesday to show support for the United Auto Workers strike against detroit auto makers. Joe bidens arrival is expected a day before former President Donald Trump is also scheduled to be there. It comes after United Auto Workers union escalated its fight with some of americas biggest car makers. Lego has reportedly abandoned its target of replacing oil based plastics in its bricks by 2030. According to the financial times, the Danish Toymaker said a new material made from recycled bottles would have a bigger carbon footprint, as it would have required new equipment. The oil based abs it currently uses requires around kilograms of petroleum to make just one kilogram of plastic. In the United States the government finds itself once again on the verge of a shutdown. Us lawmakers have until midnight on September 30th to reach an agreement on a spending bill, before funding for Government Services is due to dry up. The impasse comes as a group of republicans in the House Of Representatives are using the issue as leverage to extract additional spending cuts in the order of 120 billion in the new fiscal year. You are up to date with all the business. We will see you very soon. Goodbye. Bbc news bringing you different stories from across the uk. Its a true story of courage and determination. It shocked and inspired the world. He escaped from his care home in hove tojoin the 70th Anniversary of the D Day Landings in france in 2014. Now, nearly a decade later actor Michael Caine is bringing bernards great escape to the big screen. First of all, i escape to the big screen. First of all. I was escape to the big screen. First of all. I was in escape to the big screen. First of all, i was in the escape to the big screen. First of all, i was in the army escape to the big screen. First of all, i was in the army so escape to the big screen. First of all, i was in the army so i all, i was in the army so i understood the way he felt because i just happen to be an ex soldier. And like him i was knighted. Like him i was knighted. Bernard sadl died like him i was knighted. Bernard sadly died the like him i was knighted. Bernard sadly died the year like him i was knighted. Bernard sadly died the year after like him i was knighted. Bernard sadly died the year after his like him i was knighted. Bernard. Sadly died the year after his Famous French Adventure at the age of 90. In one of his last interviews, he told us how he pulled off his one man mission. Aha, told us how he pulled off his oneman mission. Told us how he pulled off his oneman mission. ~ ,. ,. ,. , oneman mission. A bit of deception. What did they oneman mission. A bit of deception. What did they say oneman mission. A bit of deception. What did they say when oneman mission. A bit of deception. What did they say when you oneman mission. A bit of deception. What did they say when you got oneman mission. A bit of deception. | what did they say when you got back . They said. What did they say when you got back . They said. Dont what did they say when you got back . They said, dont make what did they say when you got back . They said, dont make a what did they say when you got back . They said, dont make a habit what did they say when you got back . They said, dont make a habit of they said, dont make a habit of this they said, dont make a habit of this i they said, dont make a habit of this isaid, they said, dont make a habit of this isaid, i they said, dont make a habit of this. I said, lam not they said, dont make a habit of this. I said, i am not the sort of chap this. I said, i am not the sort of chap to this. I said, i am not the sort of chap to do this. I said, i am not the sort of chap to do that now. The this. I said, i am not the sort of chap to do that now. Chap to do that now. The great esca e chap to do that now. The great escape is chap to do that now. The great escape is in chap to do that now. The great escape is in cinemas chap to do that now. The great escape is in cinemas soon. Hello from the bbc sport centre. Well start with the Rugby World Cup and australia head coach eddiejones says he still feels hes the right man forjob, and apologised to the fans following their record loss to wales at the tournament. The defeat leaves his side on the brink of elimination from the world cup, at the pool stages, for the first time in history. Wales set the tempo, and easily cruised to a 40 points to 6 win against the wallabies, sealing their spot in the quarter finals, but for australia, their fate is out of their hands, given their previous loss to fiji, who are currently second in the pool with a game in hand. Im a proud australian. I hate to see australian rugby do as poorly as weve been doing, particularly under my reign. You know, i came back to want to try to help, but theres not only the wallabies weve got to improve, weve got to improve the whole system of australian rugby. And thats not an excuse
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