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been chasing this property bubble, and in order to create this bubble, offering very very high returns and it works for quite a while because property prices were going up and everybody was sort of a win win for everybody. the everybody was sort of a win win for everybody- for everybody. the property developers for everybody. the property developers could for everybody. the property developers could throw - for everybody. the property developers could throw up i developers could throw up buildings that people thought that they needed, and investors would get the returns of ten or 15%. however, bubbles everywhere crashed, united states it happened in 2009, and that s what s happening now. so therefore all these investment products are no longer worth very much. it is a little surprising but the central government is making this into a criminal case because it s basically a lack of regulation. it is not necessarily that anybody who was stealing the money although tha ....
the firm has a sizeable exposure to china s real estate industry that has been rocked by serious financial problems like evergrande and country garden. having a look at how this impacts the chinese economy i have been speaking to andrew collier, an expert on shadow banks. the bigger threat is not so much a meltdown like the united states had in 2009. that occurred because there was lots of liquid products sold in wall street, and when the property market went down, those products very quickly had to be revalued. went down, those products very china, most of its debt is held in these shadow banks and in some of the bricks and mortar banks so the rate of decline can be slowed a little bit. however, the bigger issue is debt. overall, the debt in the property sector is huge. as much as 30% of bank assets, and that will take a long time to unwind, and the central of government is very reluctant to step in and probably can t have enough cash. under the circumstances, what nee ....
and when the property market went down, those products very quickly had to be revalued. china, most of its debt is held in these shadow banks and in some of the bricks and mortar banks so the rate of decline can be slowed a little bit. however, the bigger issue is debt. overall, the debt in the property sector is huge. as much as 30% of bank assets, and that will take a long time to unwind, and the central of government is very reluctant to step in and probably can t have enough cash. under the circumstances, what needs to be done? the government has to make decisions on allocating defaults. will mortgage holders get hurt? that is what happened in the united states, lots of people lost lots of money in their housing. will the banks be squeezed? they can be but then you can t put the banks out of business because then you lose your financial system. so there will be a lot of investors, people in zhongzhi, who they thought could make a killing, and they are losing theirsh ....
from the labour party for two years. he has already served one year of his suspension. now it is time to catch up with the business news, with mariko oi.. from delhi to mumbai, we track the agenda of philip hammond on his india visit. and thailand s property sector, 20 years after the asian financial crisis. welcome to asia business report. we are live from singapore. british finance minister philip hammond heads to mumbai today as part of the uk s trade push to show that there a world of opportunity for britain outside of europe. his first stop in delhi on wednesday saw him meet with india s finance minister. the uk wants to attract the brightest minds. that s what philip hammond told founders from india s start up community at a cafe in central delhi. his discussions with the finance minister included trade, financial services and infrastructure and talks focused on a post except trade deal. big uk plans to tighten immigration, but this didn t come up. business leader ....
attention is now turning to tomorrow s meeting between president xi and president trump. and we ll be live at london s city hall where business leaders from europe s big cities are working out how to get through the uncertainty of brexit. and as iceland legislates to enforce equal pay we want to hear from you what would you do to level the pay of men and women. just use the hashtag bbcbizlive. welcome to the programme. perhaps some transparency on what people are actually paid. i lljust throw that one out there. send us your comments. it has been a week since the united kingdom finally gave the european union notice it wants to leave. the british prime minister theresa may has suggested freedom of movement of people between the uk and the eu could be extended after brexit. that s just one issue the european parliament is discussing and it matters because it can veto any final agreement made between the uk and the european council. one of the other big issues they ll ....