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Hello and welcome to Business Daily from the BBC World Service with me, Matt Lines.

Today, we're looking into the property crisis hitting the world's second biggest economy, China.

The crisis in China's real estate sector continues to grow.

We remember Chinese property developer Evergreen collapsed a couple of years ago,

but now another company, also about to go under, Country Garden.

In the early 2000s, the country had one of the biggest real estate booms seen anywhere in the world.

But in 2020, that very quickly started

to unravel when some of the country's largest companies started collapsing and the boom turned to

bust. We have built enough housing for three billion people to live in. And China, as we know,

has 1.4 billion. So we are way overbuilt and just have too much inventory.

For many in China, who invested their money in property, the impact has been devastating.

You see cranes on top of all the buildings. They're all stalled. And I asked somebody,

why don't they take them down? And the person said to me, well, because if you take the cranes

down, that signals something entirely different. And it's not just those within the country who are

worried. The most important impact on the world is that China is looking elsewhere. Where? Manufacturing,

high-end production, investing to sell to the rest of the world.

China's property crisis. That's coming up on today's Business Daily.

The world's most indebted property developer Evergrand has been given a winding-up order by a court in Hong Kong.

Country Garden appears to have dodged default again. Country Garden had failed to make

the scheduled payments early last month. Let's talk a little bit more about Evergrand. The liquiders

are preparing to focus now on the company's founder, Hui Kaiyan. The last few years,

...