London Daily

Focus on the big picture.
Sunday, Dec 07, 2025

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
Mark Zuckerberg Pulls Back From Metaverse After $70 Billion Loss as Meta Shifts Priorities to AI
Nvidia CEO Says U.S. Data-Center Builds Take Years while China ‘Builds a Hospital in a Weekend’
Indian Airports in Turmoil as IndiGo Cancels Over a Thousand Flights, Stranding Thousands
Hollywood Industry on Edge as Netflix Secures Near-$60 Bln Loan for Warner Bros Takeover
Drugs and Assassinations: The Connection Between the Italian Mafia and Football Ultras
Hollywood megadeal: Netflix acquires Warner Bros. Discovery for 83 billion dollars
The Disregard for a Europe ‘in Danger of Erasure,’ the Shift Toward Russia: Trump’s Strategic Policy Document
Two and a Half Weeks After the Major Outage: A Cloudflare Malfunction Brings Down Multiple Sites
UK data-regulator demands urgent clarity on racial bias in police facial-recognition systems
Labour Uses Biscuits to Explain UK Debt — MPs Lean Into Social Media to Reach New Audiences
German President Lays Wreath at Coventry as UK-Germany Reaffirm Unity Against Russia’s Threat
UK Inquiry Finds Putin ‘Morally Responsible’ for 2018 Novichok Death — London Imposes Broad Sanctions on GRU
India backs down on plan to mandate government “Sanchar Saathi” app on all smartphones
King Charles Welcomes German President Steinmeier to UK in First State Visit by Berlin in 27 Years
UK Plans Major Cutback to Jury Trials as Crown Court Backlog Nears 80,000
UK Government to Significantly Limit Jury Trials in England and Wales
U.S. and U.K. Seal Drug-Pricing Deal: Britain Agrees to Pay More, U.S. Lifts Tariffs
UK Postpones Decision Yet Again on China’s Proposed Mega-Embassy in London
Head of UK Budget Watchdog Resigns After Premature Leak of Reeves’ Budget Report
Car-sharing giant Zipcar to exit UK market by end of 2025
Reports of Widespread Drone Deployment Raise Privacy and Security Questions in the UK
UK Signals Security Concerns Over China While Pursuing Stronger Trade Links
Google warns of AI “irrationality” just as Gemini 3 launch rattles markets
Top Consultancies Freeze Starting Salaries as AI Threatens ‘Pyramid’ Model
Macron Says Washington Pressuring EU to Delay Enforcement of Digital-Regulation Probes Against Meta, TikTok and X
UK’s DragonFire Laser Downs High-Speed Drones as £316m Deal Speeds Naval Deployment
UK Chancellor Rejects Claims She Misled Public on Fiscal Outlook Ahead of Budget
Starmer Defends Autumn Budget as Finance Chief Faces Accusations of Misleading Public Finances
EU Firms Struggle with 3,000-Hour Paperwork Load — While Automakers Fear De Facto 2030 Petrol Car Ban
White House launches ‘Hall of Shame’ site to publicly condemn media outlets for alleged bias
UK Budget’s New EV Mileage Tax Undercuts Case for Plug-In Hybrids
UK Government Launches National Inquiry into ‘Grooming Gangs’ After US Warning and Rising Public Outcry
Taylor Swift Extends U.K. Chart Reign as ‘The Fate of Ophelia’ Hits Six Weeks at No. 1
250 Still Missing in the Massive Fire, 94 Killed. One Day After the Disaster: Survivor Rescued on the 16th Floor
Trump: National Guard Soldier Who Was Shot in Washington Has Died; Second Soldier Fighting for His Life
UK Chancellor Reeves Defends Tax Rises as Essential to Reduce Child Poverty and Stabilise Public Finances
No Evidence Found for Claim That UK Schools Are Shifting to Teaching American English
European Powers Urge Israel to Halt West Bank Settler Violence Amid Surge in Attacks
"I Would Have Given Her a Kidney": She Lent Bezos’s Ex-Wife $1,000 — and Received Millions in Return
European States Approve First-ever Military-Grade Surveillance Network via ESA
UK to Slash Key Pension Tax Perk, Targeting High Earners Under New Budget
UK Government Announces £150 Annual Cut to Household Energy Bills Through Levy Reforms
UK Court Hears Challenge to Ban on Palestine Action as Critics Decry Heavy-Handed Measures
Investors Rush Into UK Gilts and Sterling After Budget Eases Fiscal Concerns
UK to Raise Online Betting Taxes by £1.1 Billion Under New Budget — Firms Warn of Fallout
Lamine Yamal? The ‘Heir to Messi’ Lost to Barcelona — and the Kingdom Is in a Frenzy
Warner Music Group Drops Suit Against Suno, Launches Licensed AI-Music Deal
HP to Cut up to 6,000 Jobs Globally as It Ramps Up AI Integration
MediaWorld Sold iPad Air for €15 — Then Asked Customers to Return Them or Pay More
UK Prime Minister Sir Keir Starmer Promises ‘Full-Time’ Education for All Children as School Attendance Slips
×