China takes over China Evergrande soccer stadium

China Evergrande

A Reuters report that cited a source has it that a government body has taken over China Evergrande Group’s soccer stadium with a view to selling it.

Evergrande, which has been struggling to meet repayments on over $300 billion in debt, is also considering selling money-losing Guangzhou Football Club, the report said.

Construction on the 12 billion yuan ($1.86 billion) Guangzhou Evergrande Football Stadium began in April last year for completion by the end of 2022, when it was set to be the world’s largest soccer venue by capacity.

However, Evergrande has halted construction due to lack of capital and ceded control to authorities which plan to sell the stadium, or – in the absence of buyers – acquire it via state-owned Guangzhou City Construction Investment Group, the report said.