London Daily

Focus on the big picture.
Monday, Feb 02, 2026

Evergrande gets $818m as football stadium land deal cancelled

Evergrande gets $818m as football stadium land deal cancelled

Heavily-indebted Chinese property giant Evergrande says it will receive $818m after cancelling a contract to buy land rights for a new football stadium.

Construction of the stadium started more than two years ago but has been hit by issues for months.

The stadium was for Guangzhou FC, a top tier team that Evergrande bought a controlling stake of in 2010.

The money from the deal will be used to settle debts related to the project, the company added.

The announcement comes as Evergrande tries to raise cash to make debt payments.

Once China's top-selling property developer, the firm has been struggling since last year under the weight of more than $300bn of debts, of which around $20bn is held by investors from outside the country.

Under this deal, the land, buildings and other items associated with the stadium will be transferred to the Guangzhou Municipal Planning and Natural Resources Bureau, the company said in a statement to the Hong Kong Stock Exchange.

In September 2021, it said building work on the Guangzhou Evergrande Football Stadium would continue despite its debt crisis. But a government body took control of the stadium last year and planned to sell it, Reuters news agency reported in November.

At the time, Reuters reported that Evergrande was also considering selling Guangzhou FC. But Evergrande's latest statement did not mention the club.

In April 2020, the company paid $1bn to use the land and construction on the project got under way the same year.

The $1.8bn (£1.5bn) stadium, which was expected to have at least 80,000 seats, was scheduled to be completed by the end of this year.

In 2010, Evergrande took control of Guangzhou FC and changed its name to Guangzhou Evergrande Taobao FC.

With an infusion of new money, the squad was strengthened and it immediately won promotion to the top tier of Chinese football. From 2011 it won the Chinese Super League title eight times, including seven seasons in a row.

However, this season the club is currently close to the bottom of the league.

At the start of last year, the club said it would revert to its original name - Guangzhou FC.

Guangzhou is the capital and biggest city of Guangdong province in southern China.

The unfinished Guangzhou Evergrande Football Stadium photographed in March this year


On Sunday, Evergrande said that one of its subsidiaries had been ordered to pay out $1.1bn for failing to honour its debt obligations.

Evergrande Group (Nanchang) Co. Ltd must make the payment to a guarantor of its liabilities, the firm said.

It came just two days after it made a long-awaited announcement about how it aims to restructure its foreign debts.

The company said it will offer its offshore creditors asset packages that may include shares in it overseas units - including an electric vehicles business and property services provider - as a sweetener.

However, the proposal was seen by some commentators as not providing enough details on how the firm aimed to restructure its huge liabilities.

Last month, the firm said two of its top executives had resigned, after an internal probe found that they misused around $2bn in loans.

Evergrande said it found that chief executive Xia Haijun and chief financial officer Pan Darong were involved in diverting the loans secured by its property services unit to the wider group.


What China's Evergrande crisis means for the world


Newsletter

Related Articles

0:00
0:00
Close
Starmer Arrives in Shanghai to Promote British Trade and Investment
Harry Styles, Anthony Joshua and Premier League Stars Among UK’s Top Taxpayers
New Epstein Files Include Images of Former Prince Andrew Kneeling Over Unidentified Woman
Starmer Urges Former Prince Andrew to Testify Before US Congress About Epstein Ties
Starmer Extends Invitation to Japan’s Prime Minister After Strategic Tokyo Talks
Skupski and Harrison Clinch Australian Open Men’s Doubles Title in Melbourne
DOJ Unveils Millions of Epstein Files, Fueling Global Scrutiny of Elite Networks
France Begins Phasing Out Zoom and Microsoft Teams to Advance Digital Sovereignty
China Lifts Sanctions on British MPs and Peers After Starmer Xi Talks in Beijing
Trump Nominates Kevin Warsh as Fed Chair to Reorient U.S. Monetary Policy Toward Pro-Growth Interest Rates
AstraZeneca Announces £11bn China Investment After Scaling Back UK Expansion Plans
Starmer and Xi Forge Warming UK-China Ties in Beijing Amid Strategic Reset
Tech Market Shifts and AI Investment Surge Drive Global Innovation and Layoffs
Markets Jolt as AI Spending, US Policy Shifts, and Global Security Moves Drive New Volatility
U.S. Signals Potential Decertification of Canadian Aircraft as Bilateral Tensions Escalate
Former South Korean First Lady Kim Keon Hee Sentenced to 20 Months for Bribery
Tesla Ends Model S and X Production and Sends $2 Billion to xAI as 2025 Revenue Declines
China Executes 11 Members of the Ming Clan in Cross-Border Scam Case Linked to Myanmar’s Lawkai
Trump Administration Officials Held Talks With Group Advocating Alberta’s Independence
Starmer Signals UK Push for a More ‘Sophisticated’ Relationship With China in Talks With Xi
Shopping Chatbots Move From Advice to Checkout as Walmart Pushes Faster Than Amazon
Starmer Seeks Economic Gains From China Visit While Navigating US Diplomatic Sensitivities
Starmer Says China Visit Will Deliver Economic Benefits as He Prepares to Meet Xi Jinping
UK Prime Minister Starmer Arrives in China to Bolster Trade and Warn Firms of Strategic Opportunities
The AI Hiring Doom Loop — Algorithmic Recruiting Filters Out Top Talent and Rewards Average or Fake Candidates
Amazon to Cut 16,000 Corporate Jobs After Earlier 14,000 Reduction, Citing Streamlining and AI Investment
Federal Reserve Holds Interest Rate at 3.75% as Powell Faces DOJ Criminal Investigation During 2026 Decision
Putin’s Four-Year Ukraine Invasion Cost: Russia’s Mass Casualty Attrition and the Donbas Security-Guarantee Tradeoff
Wall Street Bets on Strong US Growth and Currency Moves as Dollar Slips After Trump Comments
UK Prime Minister Traveled to China Using Temporary Phones and Laptops to Limit Espionage Risks
Google’s $68 Million Voice Assistant Settlement Exposes Incentives That Reward Over-Collection
Kim Kardashian Admits Faking Paparazzi Visit to Britney Spears for Fame in Early 2000s
UPS to Cut 30,000 More Jobs by 2026 Amid Shift to High-Margin Deliveries
France Plans to Replace Teams and Zoom Across Government With Homegrown Visio by 2027
Trump Removes Minneapolis Deportation Operation Commander After Fatal Shooting of Protester
Iran’s Elite Wealth Abroad and Sanctions Leakage: How Offshore Luxury Sustains Regime Resilience
U.S. Central Command Announces Regional Air Exercise as Iran Unveils Drone Carrier Footage
Four Arrested in Andhra Pradesh Over Alleged HIV-Contaminated Injection Attack on Doctor
Hot Drinks, Hidden Particles: How Disposable Cups Quietly Increase Microplastic Exposure
UK Banks Pledge £11 Billion Lending Package to Help Firms Expand Overseas
Suella Braverman Defects to Reform UK, Accusing Conservatives of Betrayal on Core Policies
Melania Trump Documentary Sees Limited Box Office Traction in UK Cinemas
Meta and EssilorLuxottica Ray-Ban Smart Glasses and the Non-Consensual Public Recording Economy
WhatsApp Develops New Meta AI Features to Enhance User Control
Germany Considers Gold Reserves Amidst Rising Tensions with the U.S.
Michael Schumacher Shows Significant Improvement in Health Status
Greenland’s NATO Stress Test: Coercion, Credibility, and the New Arctic Bargaining Game
Diego Garcia and the Chagos Dispute: When Decolonization Collides With Alliance Power
Trump Claims “Total” U.S. Access to Greenland as NATO Weighs Arctic Basing Rights and Deterrence
Air France and KLM Suspend Multiple Middle East Routes as Regional Tensions Disrupt Aviation
×