the buyer and added another in the 94th minute through mathis. tell buyer coast to the affordable victory as the bonus they get champions return to the top flight in style. okay, don't go anyway. my colleague, kim, pulling to to be lou has the old business headlines coming right up the doors towards the scoring we say they were about never giving up sports like every weekend on dw d, w. so we, in fact, every day, the world kasha really world wide web feel free to always

highlight because we can make the different w call, the world unpack pulse of your info and all the input your w stores. now onto the chinese property giant. ever ground files for bankruptcy, protection in the us is the latest sign of china came as a surprise as well. i think if you look at what happened to ethic crime, that is part of the what it's drawn back to expand that from one or 2 years ago. but what, why remove the most is not really what happened only to f a grant. but if you look at to get the, what's the, all the cases that we have recently, folks on for the country gardens and also the jungle chest, a missed payment to us, the like investors. i think this really shows that there's

a power from brewing with in the like the property sector in china. and more importantly, if you look at the curious as that we see right now, the major differences that eric run may be considered as a highly leverage player. and then it's not uh, basically reco latest do not like it so much because of this the i left page. alright, for if you look at country dot industrial managed to meet all the regulate tree requirement of the free red lines were supposed to be missing the cricket, the ss of him to some of the honey leverage fair. so now basically we're in a scenario that we start to see from the good players as perceived by directly to begin to for there is indeed a stronger and stronger pressure in the property sector right now. so it does sound of course, so you make it sound like the real estate sector is in trouble in china. will this bill over into the broad or economy? well, i figured in get a, if you can see the,

how big the real estate sector in china nowadays. and also the think case effect to us are the sector. you can actually phone close to one strip of the g d p growth. and this is why when we start to see this of this started rating home cells which affect the consumer science and then that will help us negative still for you. fact to watch the whole supply chain. and that's the long distance of the developers as well. so therefore in do, i do think the can be like a quite a 3 a spill. so you expect on consumers, sentiment, developers itself. and increasingly it may be the financial sector to so 30 percent of g d, p coming from the property sector. so how much of what we've seen from have a grand and country garden, you know, among others could be linked to china's so called shuttle banking system? well into, i think the fed up, per se in china is quite well known for the high last ration. so in the past of the major sources of the funding can be the pre so, so like, um, uh,

funding which they get from from the buyers when they actually sell a home. but beyond that, because of the types of regulations that it's actually pushing them to the so of course, the banking sector because you cannot sell them at the moment. it's for a hot to raise of funding from bones and also you're supposed to have to get money from things as well. and therefore this really pushed them to us. you know what, that's a channel the, as it said, it's available even though it may be quite costly. so um, i think indeed um, from what we see recently in the trust industry, there's already looked at the decline index portion through state of wisdom, distrust industry. so it doesn't stop some of the trust to continue to have a quite a high score. sure through the state. because of, if you don't do that, how can you give a 20 percent plus you to the investor to attract funding. right. so i'm in, did i do think that there is that quite a strongly engaged just just some of this one with the high risk exposure. now it's really about where the china is able to isolate this risk and risk date was in the

father's financial sector versus, you know, some of the, uh, like the best cases that we have seen recently. that was, and it takes us senior economist gary, and you can find a longer version of that interview at the w dot com slash business, or on the dw youtube channel. and now staying in china or the country's economic flow down and reco, jude unemployment are sending more people into the ride hailing sector, and that is hurting the livelihoods of drivers. take a look. the shanghai drivers. john john works up to 17 hours a day to earn the same money he was making only a few months ago. working a regular shift he competes with an increasing number of chinese rushing into the ride healing industry. john takes on the equivalent of $40.00 to $55.00 a day through your business hasn't been. that's good. probably because of the pen demik in the past. i couldn't make money if i was a 9 or 10 hours, but no,

i'm working up to 16 hours between the end of april and the end of july, some 400000 people began driving for ride handling firms in china. this marks a 7 percent increase in the number of drivers. and let's say it's a sign of a subdued job market. you may, i do want to do a funding because of the impact of 3 years of the pandemic. many companies and small enterprises may have gone bankrupt or gone out of business. so a lot of idle labor will enter the market. there's also been a sharp decline in the number of jobs. in fact, from the perspective of ride handling itself, it has some advantages. first of all, it has a higher degree of freedom than other jobs. you have to go into it. and that's what you, as china has more than $300.00 ride handling apps, which accounted for more than 40 percent of total tax the trip last year. state media reported cities including shanghai, sonia and change shop, have now suspended, issuing new ride handling permits. now to some of the other global business stories

making news. australia is wine industry is facing a surplus problem, and it is blaming chinese terrace on us trailing products aging and pulls them out . the convo called for an inquiry into the origins of coal that the decline and wine exports has led to us to view open supply of wine, depressing great prices and wind revenues in australia. space x has booked a small profit for the 1st quarter of 2023 after 2 annual losses. the company generated $55000000.00 in profit space ex has been spending communications satellites to space while preparing a starship profit, which will deliberate, now's the payloads inspect to the number of building permits issue. if we knew german for new flats in germany tumbled by more than a quarter during the 1st half of this year, the german property sector is struggling with high interest rates and rise in construction costs. building permits are an important indicator for the german economy. chinese cars made in germany. chinese automakers,

one to take on the work in market by producing cars in the continents biggest car making country. china is b y d. the world's largest electric vehicle manufacturer is purportedly and talks with fordable buying. it's planned in southwest in germany . the state old s h i c, which has a joint venture with volkswagen. and china is also speaking of production site year high wages, an energy cost on stopping chinese investors. and neither are trade tensions between the e u on china. now and joining us with more is merrick's analyst squiggle sebastien. how good plans buy chinese carmakers to setup operations in germany? effect the china trade tensions heiser upon the will festival, as many of us might be where in recent years and months, especially if you're trying to trade the relationship has become increasingly unbalanced. so what we mean by that is that our imports have steadily increased in

recent years, but our exports to china actually stagnates and then some sectors actually also go down. so if we see more investment by chinese comment, because in germany that could help to some extent, these, these trade tensions. because that would then mean that china is potentially sending us less of these higher goods, like electric vehicles. but draw the producing them here locally. so that could actually be beneficial for you trying to attract sections. all right, so that could help ease tread tensions by, of course, shifting production to germany. and of course, maybe that would also have a reputation no impact for chinese brands here in germany. and in europe, would that help them in any way? oh yeah, it would be a massive sort of strength for them. so currently many consumers in europe, us for quite a very about chinese vehicles,

right at the moment. but the chinese brands are trying to do is that they enter into cooperation with the car rental or sharing companies like 6 so that consumers can actually test that product 1st. but they really try to avoid this image as like new and up budget vehicles. but they still have been in the mind of many consumers and by producing the vehicles here in germany, adults also competing directly with our need bmw, mercedes benz competing. and one of the top does come markets in the world that would really send the signal both to your opinion, consumers that have chinese products, can we make it here? but it would most likely rebuild the rates and also send the signal back home to chinese consumers and shows that next the, you know what our uses for making us markets in the world read to you mentioned their electric vehicles, for instance, that could potentially mean that chinese firms,

automakers would benefit from state subsidies in germany. now just how would that affect, you know, the, you know, the politics in germany when it comes to tiny's firms receiving states subsidies. so yeah, well let me, let me 1st say it would kind of put chinese and german companies on a level playing field to some degree because german companies in china have loan benefits is from subsidies from the chinese government drive, tax cuts and additional subsidies for production on the certain way, this would actually put them on a level playing field. and however, i think it would really re ignite the debates about china and our relationship with china in germany. if we see that chinese call made because of the subsidized to produce here and also compete with our co make us at a time when the german government, which has just released its china strategy a month ago. and it's really dumpling down and the risking in douglas, just in case nobody from china that would really send mix signals. but on the other

hand, many uh, misled um and also either your pin member countries, they have read when they attract more investment, right? because ultimately, if the chinese comic is producing this is also creating new jobs, right? so they use a certain incentive to subsidize them, but it could also really sheets up the debates in germany a more about what sort of relationship we want to have of china going forward. well, that sounds like it's going to be a very tough balancing act. so greg, oh sebastian from merricks there. thank you for joining us. thank you. and that's our show for me and the entire business team here in berlin. good by and take care of the

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