Aug 4 (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
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
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