China Evergrande Gets $817.8 Million For Giving Up Land Use Rights For Football Stadium


: Concerned property developer China Evergrande Group said Thursday it would receive 5.52 billion yuan ($817.8 million) for canceling a contract to buy land use rights for a football stadium.

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

Construction of the 12 billion yuan Guangzhou Evergrande football stadium began in April 2020. Evergrande bought control of Guangzhou FC in 2010.

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Late last week, Evergrande announced a plan to restructure its offshore debt, offering asset packages to creditors.

($1 = 6.7501 Chinese Yuan Renminbi)


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