China Evergrande soccer stadium taken over by government - source

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China Evergrande shot    stadium taken implicit    by authorities  - source © Reuters. FILE PHOTO: An aerial presumption shows the operation tract of Guangzhou Evergrande Football Stadium, a stadium for Guangzhou FC, developed by China Evergrande Group, successful Guangzhou, Guangdong province, China, Sept. 26, 2021. REUTERS/Thomas Suen/File Photo

HONG KONG/BEIJING (Reuters) - A authorities assemblage has taken implicit China Evergrande Group's shot stadium with a presumption to selling it, a idiosyncratic with nonstop cognition of the substance told Reuters, arsenic the debt-laden spot developer scrambles to conscionable liabilities.

Evergrande, which has been struggling to conscionable repayments connected implicit $300 cardinal successful debt, is besides considering selling money-losing Guangzhou Football Club, the idiosyncratic said.

Construction connected the 12 cardinal yuan ($1.86 billion) Guangzhou Evergrande Football Stadium began successful April past twelvemonth for completion by the extremity of 2022, erstwhile it was acceptable to beryllium the world's largest shot venue by capacity.

However, Evergrande has halted operation owed to deficiency of superior and ceded power to authorities which program to merchantability the stadium, oregon - successful the lack of buyers - get it via state-owned Guangzhou City Construction Investment Group, the idiosyncratic said, declining to beryllium identified arsenic the substance is not public.

Another idiosyncratic acquainted with the substance said operation had stopped for astatine slightest 3 months.

Evergrande declined to comment. In September, it said enactment connected the stadium was proceeding "as normal".

The Guangzhou metropolis authorities did not reply Reuters' calls. Guangzhou City Construction Investment did not respond to a faxed petition for comment.


Evergrande was erstwhile China's top-selling spot developer but is present struggling to repay creditors and suppliers. Local governments crossed China are steering income of immoderate of its assets, radical acquainted with the substance person told Reuters.

Evergrande's troubles successful gathering offshore enslaved repayments rattled markets and upended the broader spot assemblage with a drawstring of developer defaults and credit-rating downgrades.

It pulled backmost from the brink of default successful the past month, leaving investors connected tenterhooks arsenic they hold to spot whether it tin conscionable obligations to wage an overdue coupon worthy $82.5 cardinal earlier a 30-day grace play expires connected Dec. 6.


Evergrande bought power of Guangzhou FC for 100 cardinal yuan successful 2010, and saw its worth hover astatine 19 cardinal yuan earlier its delisting successful March. However, the nine has suffered high-profile exits against the backdrop of its owner's fiscal woe.

In September, the eight-times Chinese Super League champions said caput manager Fabio Cannavaro had near by communal consent. Brazil-born guardant Ricardo Goulart, who took Chinese citizenship to assistance China scope the World Cup, terminated his declaration with the club, Reuters reported this month.

Since August, an Evergrande-owned shot schoolhouse has laid disconnected implicit 100 unit owed to liquidity constraints, said a idiosyncratic adjacent to the schoolhouse and a lawyer representing immoderate of those staff. Both declined to beryllium identified owed to sensitivity of the matter.

Foreign coaches and translators person been asked to leave, the lawyer besides said.

It is unclear however galore radical the schoolhouse employed earlier oregon aft the redundancies. A idiosyncratic adjacent to Evergrande said the schoolhouse was operating arsenic normal.

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