Salem Radio Network News Sunday, August 7, 2022

Business

China Evergrande to get $817.8 million for giving up land use rights for soccer stadium

(Reuters) -Troubled property developer China Evergrande Group said on Thursday it would receive 5.52 billion yuan ($817.8 million) for cancelling a contract to buy land-use rights for a soccer stadium.

The indebted group will return the land-use rights to the Guangzhou Municipal Planning and Natural Resources Bureau, from which it had acquired the rights in April 2020 for 6.81 billion yuan. https://reut.rs/3d6KZMb

Construction on the 12 billion yuan Guangzhou Evergrande Football Stadium began https://www.reuters.com/markets/deals/china-evergrande-soccer-stadium-taken-over-by-government-source-2021-11-26 in April 2020. Evergrande bought control of Guangzhou FC in 2010.

Late last week, Evergrande disclosed a plan for restructuring its offshore debt, which involves offering asset packages to creditors.

($1 = 6.7501 Chinese yuan renminbi)

(Reporting by Harshita Swaminathan in Bengaluru; Editing by Anil D’Silva)

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