HONG KONG/BEIJING : 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.
Construction on the 12 billion yuan 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. The Guangzhou city government did not answer Reuters' calls. Guangzhou City Construction Investment did not respond to a faxed request for comment.Evergrande was once China's top-selling property developer but is now struggling to repay creditors and suppliers. Local governments across China are steering sales of some of its assets, people familiar with the matter have told Reuters.
It pulled back from the brink of default in the past month, leaving investors on tenterhooks as they wait to see whether it can meet obligations to pay an overdue coupon worth US$82.5 million before a 30-day grace period expires on Dec. 6.Evergrande bought control of Guangzhou FC for 100 million yuan in 2010, and saw its value hover at 19 billion yuan before its delisting in March. However, the club has suffered high-profile exits against the backdrop of its owner's financial woe.
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