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Chinese state-owned construction contractor will build China’s largest soccer park in Guangzhou on the site where struggling Chinese property developer China Evergrande Group was supposed to build its soccer stadium.
China Construction Fourth Engineering Division won the engineering procurement construction contract to build the Guangzhou Football Park with a CNY2.4 billion (USD328 million) bid, the unit of China State Construction Engineering announced on its official WeChat account yesterday.
— Yicai Global
The site was originally meant for a 100,000-seat stadium designed by Gensler. Evergrande, the developer now embroiled in a Lehman Brothers-like freefall, had already begun construction before the project was halted and eventually taken over by the government in 2021. The new design from the... View full entry
A court in Hong Kong has ordered the winding up of Evergrande Group, the world’s most indebted property developer, dealing another blow to investor confidence as China’s ailing real estate sector continues to weigh on its economy.
The liquidation order, made by the city’s High Court on Monday, comes after the embattled Chinese real estate giant and its overseas creditors failed to agree on how to restructure the company’s massive debt during talks that lasted for 19 months.
— CNN
Evergrande’s liquidation could also set the stage for an unprecedented political showdown between Hong Kong and the mainland, as Reuters speculated on Monday. The company had amassed over $300 billion in public and private debts since being ordered into negotiations in 2021. Overseas... View full entry
Evergrande Group, the world’s most indebted developer, was last week ordered to demolish 39 buildings on Ocean Flower Island, a project comprising three man-made islands developed by the company in China’s southern Hainan province, within 10 days. — South China Morning Post
The developer was recently forced to hand over control of its $1.7B football stadium in Guangzhou after spending much of the past year attempting to stave off creditors looking to collect on the company’s reported $310 billion in liabilities, which has recently led to another round of public... View full entry
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 $... View full entry
Worries about the giant developer’s ability to repay its debt and a total of $300 billion in liabilities have put global investors on edge. Beyond the company itself, there are worries about a potential spillover into the rest of China’s real estate industry or economy. — CNBC
Evegrande missed another round of payments last Monday, setting it back again ahead of Wednesday’s scheduled $47.5 million interest payment. Investors are blindly looking for a government bailout, but financial experts remain uncertain as to its prospects. The company says it plans to go forward... View full entry
