Northwest territories terms. This place is twice the size of france, its got 16,000 people in it, so vast scales that were talking about. This is essentially three communities to the left of yellowknife. And you can just hear a float plane into the distance, by the way. This is the Mackenzie River behind me. Yellowknife under a full evacuation order, as you probably heard, yesterday. We came out here a day before because, to be frank, the writing has been on the wall for days that that wildfire was going to pose a grave threat. Ok, so theres a huge lake called great slave lake. Yellowknife is on the top of it. Then, at the other side of that lake its a very large lake you have two communities called fort smith and hay river. Together, they have got about 7000 people in them. On saturday and sunday last weekend, they were both told to evacuate. Thousands of people fleeing down the highway to alberta, where they still are. We have no timeline for when people might be able to get back to
Through the us legal system and of course in china as well. I think what it means also is that amongst all of the various imbalances in the economy in china right now, the property sector might be the weight on the economy that lasts the longest simply because it is going to be such a slow slog in terms of restructuring of this debt. We have seen pictures of unfinished buildings, families and even sometimes having to squat in those buildings because they cannot afford to pay the rent and pay their mortgage on these properties. What can china do to try to boost this up . Somehow the key to this issue right now is to complete Unfinished Projects because this will at least keep some of the financing flowing. As you mentioned, the many, many projects are presold and the households that buy those properties they make Mortgage Payments even if they are not able to take delivery of the product but as construction has come to a halt, they stop making those and that means no Income Accruing to
Which shoppers continue to buy essentials even as borrowing costs rise and inflation pinches their budget chinese property crisis deepens. Another company with openings to the sectors misses payments. The latest investments from beijing straight ahead later in the show, its not just the cost of tuition that continues to go up every school year living off campus is creating sticker shock for students and their parents. It is thursday, august 17th, 2023 youre watching Worldwide Exchange right here on cnbc good morning, welcome to Worldwide Exchange. Were going to check the stock futures. Theyre in the green across the board. Fractionally higher for the s p 500 and nasdaq at this hour, the dow will open 40 points higher h h losses picking up in the final hour of trading. Most people see serious risk for inflation that may require more rate hikes in the future back to back losses with the nasdaq leading the declines down 1. 2 the s p 500 closing at its lowest level in more than a month. Th
Yellowknife is now blanketed in smoke, and fires are burning close to the one major road into and out of the city. Rebecca alty is the mayor of yellowknife. She told us what things were like there. Right now, its residents are evacuating by road. As many people as possible are doing that. Theres also, for folks who dont have vehicles, we are starting the air evacuations, so flights. We still have commercial flights, so some people have booked onto a commercial flight, but we have the Evacuation Flights also starting at 1pm. So getting folks registered for thatjust began an hour ago. So folks have been good, theres long line ups i think there was kilometres worth of a line up, so a bit of a snail s place out of town, itsjust one road in, one road out. That highway is where the fire is, so the highway can close. But right now, it is open. So if the conditions change, if the smoke gets too heavy, if the fire were to approach the highway, the highway would be closed in the evacuation would
Always a pleasure to see you. This is a company that almost collapsed two years ago. Why is it filing for bankruptcy in the United States . I think it is a legal move. The Debt Restructuring Talks were already going on with hong kong, cayman islands, word has holding companies. The advantage for evergrande to file for bankruptcy in america is a gives it some protection against us creditors for the duration of that Court Process. I5 creditors for the duration of that Court Process Court Process. Is there a lot of exoosure Court Process. Is there a lot of exoosure for Court Process. Is there a lot of exposure for foreign Court Process. Is there a lot of. Exposure for Foreign Companies Court Process. Is there a lot of exposure for Foreign Companies here . I think there is a certain amount of exposure. There are enormous amounts of debts, large amounts of the offshore bonds have lost their value and i believe many of the less risk taking investors already sold their offshore bonds a couple