Evergrande football stadium Photo: CFP
The land of debt-ridden Chinese real estate developer Evergrande for the construction of a soccer stadium in Guangzhou, southern China’s Guangdong province, has been taken over by the local government for auction, according to the section. People’s Daily sportswoman citing national media Wednesday.
The report also mentions that the land will be transferred to Guangzhou City Construction Investment Group (GZCI) at the auction at its reserve price if no company submits a bid. According to Chinese online business information provider Qichacha, GZCI is Evergrande’s third largest shareholder and has a 4.8072% stake in the company.
The Evergrande football stadium was previously slated to surpass the scale of FC Barcelona’s Camp Nou stadium and become one of the largest football stadiums in the world with several prominent building credentials, media reported.
Due to Evergrande’s debt crisis, the functioning of his professional football team Guangzhou Evergrande FC has also been impacted. In September 2021, the football club confirmed that the contract of the club’s coach, Italian football star Fabio Cannavaro had been terminated.