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HomeTrading NewsKaisa sells Hong Kong property stake at steep discount and seeks debt exchange to avoid default

Kaisa sells Hong Kong property stake at steep discount and seeks debt exchange to avoid default

Reuters

China Evergrande soccer stadium taken over by government -source

A government body has taken over China Evergrande Group’s soccer stadium with a view to selling it, a person with direct knowledge of the matter told Reuters, as the debt-laden property developer scrambles to meet liabilities. Evergrande, which has been struggling to meet repayments on over $300 billion in debt, is also considering selling money-losing Guangzhou Football Club, the person said. Construction on the 12 billion yuan ($1.86 billion) Guangzhou Evergrande Football Stadium began in April last year for completion by the end of 2022, when it was set to be the world’s largest soccer venue by capacity.

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