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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
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
The price, a record for a single U.K. office property, is remarkable given that the building will face ongoing maintenance costs, JPMorgan Chase & Co. analysts including Tim Leckie wrote in a client note. LKK, which sells Chinese herbal medicines, paid a 13 percent premium to book value for the property even as Land Securities’s shares trade at a 26 percent discount, he said. — Bloomberg
Land Securities Group Plc and Canary Wharf Group Plc agreed to sell the Rafael Viñoly-designed Walkie Talkie for 1.28 billion pounds ($1.7 billion) to Hong Kong-based LKK Health Products Group, founded in 1992 by the Lee Kum Kee family, whose primary business sells a variety of condiments... View full entry
Built in 1989, the five-bedroom, five-bathroom residence has been described as "a village that looks inward." There is a main house, an office, a guesthouse and a garage-and-gym structure with a breezeway. The half-acre of grounds include a reflecting pond, a swimming pool and an olive orchard. — latimes.com
In a few cities, such as coastal Wenzhou and coal-rich Ordos, the collapse in property prices has sparked a full-blown credit crisis, with reports of ruined businessmen leaping off building rooftops; some are fleeing the country. — Foreign Affairs
Prospects just few years ago looked great and China had jobs for everybody who were laid off in American market. But now the wind has changed direction. People who were speculating in Ordos and the like places are no where to be found and the bubble is about to burst. View full entry
