hey, well its biggest free trade deal is just taken effect. we'll take a closer look at asset and breathing new life into old windmills. we visit the polish business. putting retired turbines to good use is to see to be business on robots in berlin. welcome to the program about start to 2022 for china's ever grand . the trouble with property developer has suspended trading and it shares on the hong kong stock exchange. company is heavily indebted with more than $300000000000.00 in liabilities. that includes nearly $20000000000.00 of international market bombs that are deemed to be in default after the developer missed payments. a suspension of it shares closely follows reports. every grant has been ordered to demolish 39 residential buildings in the chinese resort of high nan . because they were built illegally. let's get more on this from our correspondent in beijing 5 young gretchen, i thanks for joining us. far beyond,

you actually know why every grant has suspended trading in its jasmine hong kong. where there was no official explanation given. and we have to wait for more on that, but the news actually doesn't come as a big surprise at least not if you follow the recent developments of ever grant just this tuesday. and the company is supposed to have missed a payment deadline of $250000000.00. and even before 2 international rating agencies, they've downgraded ever grant to restrict the default that's basically one stopped short of bankruptcy. and in the last year and 2021, the share prices of ever grant and hong kong they fell by roughly 90 percent. so in other words, of course of a grant has a lot of difficulties and it's really very short of yeah. going bankrupt. and i mentioned about the phones is having one of its developments in high nan having to demolish with 39 buildings. what can you tell us about that?

yet the information is based on chinese language media reports which i cannot independently verify, but it says it yet. a planning permit for this real estate project was obtained illegally. therefore, also the construction of the apartment blocks was illegal and now it has to be demolished. and over the very short time spent, namely a deadline of 10 days. if you look at photos that you can find online of this area, it's really a huge area, 44000 square meters, a construction area on an artificial island just or off the coast of high none. and it looks very fancy. so i could imagine that this project was very valuable and now to demolish it. yeah. very painful for ever grant given its recent state. yeah, a pretty dreadful start to 2022. all in offer. ever grand is the concern about what impact this giant of the property market in china is going to have on the broader chinese economy this year. yeah, there's huge concern. i mean,

not so much internationally, but yeah, on the domestic or economy for sure. just m yesterday the central bank of china released the survey, which said that a 50 percent actually more than 50 percent of chinese and think that the housing prices were remain the same in the 1st quarter of 2022 and the 50 percent. think that the housing prices will decline, given the context in china. this is really remarkable because, and there was always the illusion that housing prices will always increase no matter what. and am a 3 quarter after private, a wealth of the people is invested into the housing market and am yeah, now things are changing and they are estimates also by a harvard professor that the housing market are basically contributes to 29 percent of the g d. p of the country. so of course, if ever grant should potentially collapse, then this would have huge effects on the domestic economy. sure. bobby encroachment

in beijing for us. thanks for the update. now a new year and a new free trade blocks, the regional comprehensive economic partnership, also known as our set took effect on january the 1st here we can just have a look at the countries that are now included in our set. there are 15 of them overall in q include major economic players like china, japan, and south korea. australia is in there as well. and they cover all combined nearly a 3rd of the world's population. now the asset covers over $26.00 trillion dollars . that's a huge number and accounts for 30 percent of the world's gross domestic product. it's larger than, for example, of the us mexico, china canada agreement, which accounts for a me, a 28 cent of world g, d p. and also the e u, which accounts that 18 percent of world g d p. so it is a big deal quite literally. so let's discuss it further with giant men on. he's

a visiting senior fellow at the institute of southeast asia studies in singapore. there actually, he joins us from another of the member states today from cambodia. just tell us what's going to make trading between these countries different today to what it was before the turn of the new year read said from today onwards, a lot of countries said didn't have 0 terrorists amongst each other. will start enjoying that kind of preferential trade arrangements, but the us have agreement actually does a lot more than just reduce terrace. it brings together all countries in this region involved in the regional supply chain for the 1st time. so you have all the countries and japan, china, and korea that these 3 countries, japan, china, and korea also never had an agreement between themselves. so that's value addition

of the agreement. yeah. and finally, i guess the countries that do have agreements amongst themselves, this is an opportunity to try and harmonize those rules, make them more coherent and get over the noodle, both effect nations big and small involved in this. i mean, you've got giants like china and india and the other winners and losers. though, among those countries, i think everyone will gain from the membership they know loses. as such, the gains will not be equal though. and a lot of concerned at china be the biggest when the, the expense of the others. that's not the case. i don't think that's true. china is already a major player. the incremental games will not be that great to china, japan, korea. in fact, the smaller countries, like cambodia, where i am or vietnam,

allows can potentially be the largest winners if they use this opportunity to pursue the kinds of reforms that they need to do. they have to make the biggest changes because of where they are right now. and this provides that opportunity, but they have to grasp it felt some interesting news from indonesia as it kicks off . it's us have membership, it says it's going to stop exporting. coal is actually the biggest exporter of thermal costs of impact about have for its co members in our set. well, i think this is, this is the reason why we need assets in asia, of course, hasn't ratified us if they say they will. and i think us that will allow us to avoid the source of beggared the neighbor policies. this kind of, you know, in we're looking approach where they try and deal with sort of uncertainties about their own demand requirements by imposing export bands. so the way to deal with

this kind of issue is to let prices adjust not to restrict quantities, and so this export ban will affect the market greatly. an asset is required to stop the source of the thanks. okay, dr. john men on thank you so much for joining us on date of your business. thank you. also. i was have a look at some of the other global business stories making the news turkeys. annual inflation rate jumped to more than 36 percent in december. that's the highest level in almost 2 decades. the value of the turkish lira has slumped to record lows, forcing retailers to hike prices sharply. the currency has suffered as a result of a series of central bank rates cuts forced through by president head of testers, as it delivered nearly a 1000000 cars during 2021. that's almost twice as many as in the previous year, electric car makers, as the increased shows, the firm has withstood global supply chain problems and an ongoing chip shortage.

by rewriting soft plan that's giving us an edge. i will continue to be severely disrupted in the united states. more than 2600 flights were canceled on sunday, and hundreds more on monday as the spread of the amik on variant of corona virus. it's staffing. now european governments may be pending their hopes of wind farms to help them tackle climate change for the disposal of old turbines can be anything but environmentally friendly. they're actually considered hazardous waste. but one polish company has found a way to put retired turbines to better use they're more than 20 years old to small unreliable and on viable. many windmills are being removed. but what happens to the rotor blades often made of plastic and other toxic materials in poland, the company admit is turning them into swimming jetties or load bearing members. such as in this foot bridge. it's the brainchild of engineer and the g. at them.

these old rotor blades as a valuable resource spout. shamiqua news media for example, the shape of a pillar isn't change because they help it doesn't road of lights out of video. it should be a monument tie you very big on them and people should find it impressive. bunch of you on my lieu joe franzoni in a hole on a former military side. he also processes rotor blades from germany into furniture . to do this, the wings which are up to 12 meters long, a, so on into individual paths, garden furniture, chairs, benches, and tables are created from it. when mixed with natural materials and vanished, everything is refined with fine, large wood. the furniture has been designed by students at the college in jail,

in gora. they feel inspired because their ideas are built and sold worldwide. of course are connected inside, i think outside is is better right to, to use this material. because it's water proof is damaged grove, back to germany, where a snob gets the product exclusively through his online shop. software allows customers to place their pieces digitally before buying them. he's good friends with the employees of the polish company, the pieces of furniture cost around $3000.00 euros along with we're a small market brand that on the one hand draws attention to a problem. but on the other hand, also shows that you can build beautiful, unique furniture from old. disused things is polish. friends always surprise

him with new ideas. for example, a wind turbine becomes a wind cello. when it comes to up cycling, as the concept is called, they seem to be no limits. and the raw material wind turbines won't run out anytime soon. that's all for the business. steam here in berlin, if you like, a bit more from us, you can head over to our website, d, w dot com slash business. there's also plenty more content on the data we in use youtube channel. and you can also see example on facebook. if you fancy as well on there is d w dot the business till next time to get ah ah, with

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