And restructuring this debt amongst the Major Property developers in china as they work this out to pull 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 and 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 this debt. We have seen pictures of unfinished buildings families even sometimes having to squat in those buildings because they cant afford to pay the rent and pay their mortgage on these properties. So what can china do to try to boost this up . Well, you know, the key to this issue right now is to complete unfinished projects, because this will at least keep some of the finance flowing. As you mentioned, 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 a construction comes to a halt, they stop making those payments, that means no Income Accruing to the Property Developer that helps them to continue the whole Construction Process and helps things grind to a halt. To the Property Developer that helps them to continue there has to be a way, again, to resolve this issue of debt with the developers can find some way to get some liquidity into them in order to, not start new projects, but complete those projects that have been started that have come to a halt. I mean, there is talk of chinas need to deleverage, in fact, bankruptcy on the mainland and asset value, write downs by banks. Is that going to happen . I think it will happen slowly. Its going to be very, very difficult process, but at some point, assets have to be revalued amongst these Property Development sectors, and somehow, come to some resolution of this issue. Debt across not only the Property Development sector, but across households and other industries and so forth, because it is quite high, same thing with local government. And, you know, one of the long term issues of the economy is to deleverage and remove some of the weight from the economy. Thank you very much for your insights. And, staying with property. Mortgage rates in the us have hit their highest level in 21 years. On thursday the average Interest Rate on a fixed 30 year mortgage went above seven per cent. A year ago, it was at around 5 . Rising Mortgage Rates have seriously disrupted the us housing market, and mark a long term shift in one of the biggest Underlying Forces in the us economy. Our north America Business correspondent Michelle Fleury has the latest from new york. For the past year, economists have been fretting about about the end of the low rate economy in the united states. Its in housing, particularly the mortgage markets, where rising Interest Rates most directly hit us homeowners. Which is to say many us consumers and voters. Now, when Mortgage Rates rise sharply and at average are now over 7 , and the highest since 2002, then the housing market, well, it tends to slow down. It costs more to borrow, and people who already have a mortgage on the older, lower rate, well, they dont want to move. Thats whats happening in the united states. Nearly 20 fewer existing homes were sold injune and then at the same time last year. Mortgage Lending Companies are struggling and as a result, they are laying off workers. And it will likely weigh on Economic Growth more broadly as people take on fewer smaller mortgages and dont feel they are getting wealthier thanks to the home rising in value. So far, the overall us economy has withstood this shock. Growth remains strong. At the return to a higher rate economy may only have started. Weve been talking about the impact of high Interest Rates on the us property market. Well, amid strong growth and low unemployment, theres growing fear that Interest Rates will stay higherfor longer. That has caused yields on the 10 year Us Government bond to flirt with a 15 year high. Also known as treasury notes, such bonds are considered to be an especially safe investment, and are closely scrutinised due to its use as a benchmark for Pricing Everything from home mortgages to commercial loans. Well and its notjust growth and jobs that have proven resillient amid high Interest Rates. The us consumer has not lost its appettite for shopping either. Walmart has posted better than expected Second Quarter results and raised its full year forecast. The retail giants profits reached nearly 8 billion dollars, rising more than 50 percent from the same period last year. Its international business, which spans 19 countries, posted its strongest result since at least 2016. Earlier this month, china curbed the exports of gallium and germanium two Rare Earth Minerals of gallium and germanium two Rare Earth Minerals widely used in items like our smartphones to high tech weaponry. The move was seen as a tit for tat response to the us stopping china. From snapping up advanced american micro processors. Global demand for Critical Minerals is expected to double by 2030, with a growing rush to build Electric Vehicles, along with wind and solar farms. Jose fernandez is the us under secretary for Economic Growth, energy and the environment. He told my colleague how important it is to search these critical materials. He told my colleague how important it is to source these critical materials. We have a need for us to be able to achieve our Clean Energy Goals by the year 2050. We are going to have to increase the number of Critical Minerals that we have available by six to eight times, and some of those numbers are actually, the growth is exponential, 42 times the amount of lithium that you use today. Youre going to need that by 2050. Two thirds in some cases even more than that is being produced by the prc. We have got to find, we have got to find more supply. And the good piece of news is that there are countries out there that are looking for our investment that would like to have the kinds of investments that are environmentally sound, that benefit communities, so they are looking for alternatives as well. As you know, jose, there many people who are coming from her Domestic Production of some of these key minerals. There is a that this Partnership May bring short term wins come up at the cost of securing Domestic Production. Jose, how do you respond to that . Because im just kind of wondering here, do you have some of these 17 Important Minerals under us soil . I very much would reject that kind of promise. We have been very clear. We are looking to find these minerals in the united states, but also abroad. This is all sources welcome. Whats happened, though, we dont have 42 times the amount of lithium we have today in order to meet our energy goals. No one country, no one country can solve this issue, this problem by itself. So we have got to bring all of our efforts together. Yes, in the us, we will pursue mining, and youve seen already backed up present number of legislative acts and executive acts has actually been promoting domestic mining in the united states. Jose, how is the last going to manage, to secure some of the key Critical Minerals that are brought in by china and other big players . Outcome i will tell you what we are doing now. Number one, we are sharing information with the countries that are members of the mineral security partnership. We are going to share investments, we are going to share financing. We are also going to Work Together on recycling. Right now, for example, for Electric Vehicle batteries, we dont use very many Recycled Materials in order to manufacture them, but experts will tell you to 15 years, we will use as much as much as 15 of our batteries coming from recycling materials. My colleague there speaking with jose fernandez. With england in the final, the term and end has become so popular that the government is encouraging councils to get to tubs open earlier on sunday ahead of the match. It comes after pubs called for Licensing Laws to be relaxed, to all to serve alcohol before kick off. Under current rules, pubs can only open when they choose on sundays, but when they can start selling alcohol depends on their licence. Thats all we have you on this edition of Asia Business report. You can always keep up at the latest headlines by visiting our website. I am the monica miller. Thanks for watching. Bbc news bringing you different stories from across the uk. The end of another busy panto season. But for veteran dame david robins, the work doesnt end there. These elaborate wigs are all made in his nottinghamshire workshop, and its a process that starts in the winter. Some people have brought back ones that are a0 years old to be refurbished. So a lot of the the first part of my year from Panto Finishing is refurbishing, re spraying and basically getting wigs back to look brilliant. Its a full time job for david. He creates an estimated 60 to 80 wigs a year for dames across the country and repairs over 100 more. He says hes the only person in the country that still does it after taking over the business from his own suppliers seven years ago. They said to me, wed like to retire and youre the only person we can think of who could take over the business. For more stories from across the uk, head to the bbc news website. For more stories from across the uk, head to the bbc news website. Hey, im zof with the catch up. Tonight, an update on the scotland deaths, a loosening to Drinking Rules for the World Cup Final and water bowls. Today was a big day for a lot of you in england, wales and northern ireland. Then, as it was a level results day students also received btec and t level qualifications. These results will determine whether youll go to uni, to an apprenticeship or a different training course. Overall, the number of students receiving the top grades were just over 27 , down from over 36 last year. Ucas says that 79 of those Receiving Results gained a place at their first choice university. We were there as you opened your results. Just opened it we did really well. B stars, triple distinction star. Extremely proud of myself. Ive done so good, and ive definitely got into university. Some of the stories now the families of two teenagers whose deaths are being treated as drug related say theyre devastated. Scott allison and marcus dick became unwell after going to a club in glasgow on saturday. The 18 year olds didnt know each other. The venue says its supporting the police with their investigation. And the body that represents pubs is asking the government to allow them to serve alcohol from 10am on Sunday Morning before the womens World Cup Final kicks off iiam. But it is unlikely, as mps would need to return to westminster to change the rules temporarily. And time now, then, for ten seconds of water voles the Lake District has reintroduced the endangered species. Theyve gone from a population of about Eight Million to one million. Volunteers have prepared the sites for their arrival. And youre all caught up now, see you later. Hello, and welcome to sportsday im tolsen tullett. In or out . Owen farrell thought he was reprieved from his red card but world rugby have other ideas and launch a new appeal. After getting england to a World Cup Final, Sarina Wiegman is a manager in demand but the Football Assocation say shes going nowhere. And swiatek survives a scare in cincinatti, as she battles back from a set down to reach the quarterfinals. Hello there, and welcome to the programme, lots to get through. But we start with rugby union and the ongoing but ever changing narrative of Owen Farrells future. On saturday, he was shown a red card against wales for a dangerous high challenge and looked as though hed be missing the start of the world cup through suspension. On tuesday, a Disciplinary Panel then rescinded that and farrell was back to being involved but now, two days later, world rugby has appealed against that decision they feel farrell should be suspended. Heres our rugby Union Reporter sara orchard. It does appear to be very confusing. The argument used to clear him was that the actions of the england hooker jamie george, in the tackle, caused him to change direction. Now today, world rugby have announced of course that theyll be appealing this decision to overturn the red card. In a statement, they said they fully support the Important Role that an independent disciplinary process plays in upholding the integrity and the values of the sport, particularly regarding foul play and had contact. And of course, they went on to say that player welfare