Counting the Cost explores the problems facing the Chinese housing market and its impact on the economy.
Property in China is not something we would usually delve into that much – maybe only because it does not grab headlines like property bubbles and subprime mortgages do elsewhere. But there are now widespread fears that China’s property market could be heading for a bust.
The last two downturns the Chinese government provided a financial boost to reignite the economy. But this time the government is not willing to play backstop as it tries to manage a wider economic slowdown.
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So has China’s property bubble burst? And will it take down the economy? Kamahl Santamaria talks to Frank Chen, the executive director of CBRE in Shanghai. Wayne Hay reports from Brisbane, Australia and Adrian Brown from Yingkou, China.
A vital lifeline under threat
Last week we talked about the French bank BNP Paribas facing a $10bn fine for breaking US sanctions in its dealings with Iran and Sudan. It is not the only one facing such hefty fines.
Other international banks, including Britain’s Barclays, are curtailing their activities in some emerging markets to avoid clashing with US regulators. Barclays has been attempting to shut down services to a number of remittance companies – money transfer operators – because of concerns those networks could be used for money laundering and terrorism.
We talk to Dahabshiil CEO Abdirashid Duale about money transfer companies, shutting down finance to Africa and a vital lifeline under threat.
The World Health Organisation estimates that nearly 10 percent of all drugs sold worldwide are fake. In Bangladesh, counterfeit medicine is a problem that refuses to go away. Maher Sattar sent this report from Tangail, where he met victims of fake drugs – most of them, the rural poor.
Gold in Ghana
Despite Ghana’s efforts to shut down illegal mines, the lack of jobs means that many return to illegal operations. And in doing so, they are polluting waterways and destroying land and local communities. Experts say that if this environmental problem is not tackled now then many communities will die in 10 to 15 years. But the bill for the environmental cleanup is likely to run into millions of dollars and it is not clear who will pay for it. Ama Boateng reports.
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