China Evergrande to get 5.52 billion yuan for giving up land use rights for soccer stadium

TROUBLED property developer China Evergrande Group said on Thursday (Aug 4) it would receive 5.52 billion yuan (S$1.1 billion) for cancelling a contract to buy land-use rights for a soccer stadium.

The indebted group will return the land-use rights to the Guangzhou Municipal Planning and Natural Resources Bureau, from which it had acquired the rights in April 2020 for 6.81 billion yuan.

Construction on the 12 billion yuan Guangzhou Evergrande Football Stadium began in April 2020. Evergrande bought control of Guangzhou FC in 2010.

Late last week, Evergrande disclosed a plan for restructuring its offshore debt, which involves offering asset packages to creditors. REUTERS