Chinese authorities have taken over the Gensler-designed, under-construction Evergrande Guangzhou Football Stadium, commissioned by indebted property developer Evergrande, which was due to become the world’s largest football stadium by capacity, according to Reuters. — Global Construction Review
The Chinese government will either sell or take over the stadium via the state-owned Guangzhou City Construction Investment Group. As reported by Reuters, construction on the stadium has been halted for at least three months, in which Evergrande has been struggling to meet repayments on over $300 billion of debt.
The Gensler-designed, 100,000-capacity soccer stadium was planned to be the home ground for professional club Guangzhou Evergrande. Work on the arena began in April 2020, with an estimated cost of $1.7 billion. It was set for completion by the end of 2022.
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