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Kaisa sells Hong Kong property stake at steep discount and seeks debt exchange to avoid default

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November 26, 2021
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Reuters

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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.

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