Reuters
China Evergrande soccer stadium taken over by government -source
A government body has taken over China Evergrande Group’s soccer stadium with a view to selling it, a person with direct knowledge of the matter told Reuters, as the debt-laden property developer scrambles to meet liabilities. Evergrande, which has been struggling to meet repayments on over $300 billion in debt, is also considering selling money-losing Guangzhou Football Club, the person 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.
