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Global News Podcast

Shares plummet in Chinese real-estate company Evergrande

Global News Podcast

BBC

News, Daily News

4.38.3K Ratings

🗓️ 28 August 2023

⏱️ 31 minutes

🧾️ Download transcript

Summary

The big drop highlights China's current problems in the property sector. Also: The billionaire founder of the electronics giant Foxconn is announcing he'll run for the presidency of Taiwan, and France announces that it is banning schoolgirls from wearing abayas, the loose fitting full length robes usually worn by Muslims.

Transcript

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0:00.0

I was working in a coffee shop in Boston to help pay rent while I was training for the trials

0:05.2

and so people kept joking and they were like oh yeah she just took a two-hour coffee break

0:08.6

and went and ran the Olympic trials bare at that. On the podium is back with more Olympians

0:14.2

and Paralympians sharing their journeys to the top. On the podium from the BBC World Service,

0:19.6

listen now wherever you get your BBC podcasts. This is the Global News Podcast from the BBC World

0:26.8

Service. I'm Janet Gillil and 13 hours GMT on Monday the 28th of August. These are our main

0:33.9

stories. Shares in the hugely indebted Chinese property firm Evergrande have plummeted

0:40.0

during their first days trading in Hong Kong for 18 months. The billionaire founder of the

0:45.8

electronics giant Foxconn is announcing he'll run for the presidency of Taiwan.

0:51.3

Also in this podcast the mother of the controversial Spanish football chief Luis Rubiales

0:58.8

has locked herself in a church and gone on hunger strike in support of her son and

1:04.6

it's just incredible because I don't feel alone anymore. I feel a power or something.

1:09.3

Something that I felt like I was messing my whole life. I'm meeting exclusively for redheads.

1:15.2

Evergrande is one of China's top property developers. A company so huge that it reaches the

1:25.8

definition of too big to fail. Yet in recent years it's emerged that it's more than $300

1:32.8

billion in debt and possibly at risk of collapse. Now after trading its shares in Hong Kong for the

1:39.8

first time in a year and a half it's seen their value plummet by about 80%. And this latest

1:46.6

blow to the property company comes as China's post-pandemic recovery is faltering. Our Asia-Pacific

1:52.8

Regional Editor Michael Bristo told us more about the significance of this dismal share performance.

1:58.8

This is the first time for a year and a half since Evergrande's financial problems first emerged

2:06.2

that shareholders investors have been allowed to trade stock in Evergrande and they've

2:11.6

essentially given their verdict on their faith in the company and how they see it going and

...

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