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

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: 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. https://reut.rs/3d6KZMb

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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