• Loading stock data...
Wednesday, October 22, 2025

Evergrande to Collect $818M Refund after Canceled Stadium Deal

  • China Evergrande Group had already begun construction on the now-canceled $1.8 billion project.
  • The property developer expects to lose roughly $186 million for the total book value of the property.
Evergrande Guangzhou FC

Real estate developer China Evergrande Group is set to receive $817.8 million after canceling a contract to build a new stadium for China’s most successful soccer club. 

Evergrande initially struck a deal in 2010 to purchase Guangzhou FC — formally known as Guangzhou Evergrande Taobao FC — for $15.5 million. 

Ten years later, Evergrande signed a contract to acquire land-use rights for a new stadium in the city of Guangzhou for $1 billion, which included plans to have a seating capacity of 100,000

  • Evergrande had already begun construction on the now-canceled $1.8 billion project.
  • It expects to lose roughly $186 million for the total book value of the property.
  • A government body had taken over control over the stadium in 2021.
  • Rights will go back to the city’s Municipal Planning and Natural Resources Bureau.

The cancellation of the deal comes amid financial woes for Evergrande, which is over $300 billion in debt — more than any other company in the world, according to Markets Insider. 

Approximately $20 billion of the developer’s debt is from investors outside China. 

Also Struggling 

Guangzhou FC has also had financial struggles of its own.

Last year, the club listed all its players on the transfer market in an attempt to raise fresh capital. Evergrande had also considered selling a controlling stake in Guangzhou FC.

The club reportedly has lost between $155 million to $310 million per year as of September 2021.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Dec 23, 2024; Dallas, Texas, USA; A view of the NBA logo and Portland Trail Blazers logo before the game between the Dallas Mavericks and the Trail Blazers at the American Airlines Center.

NBA Reopens Doors in China—and Eyes the WNBA Next

The Mavericks and Rockets are set to play games in Macao next year.
Aug 3, 2024; Villeneuve-d'Ascq, France; NBA commissioner Adam Silver talks to International Basketball Federation board member Mark Tatum in the fourth quarter between the United States and Puerto Rico during the Paris 2024 Olympic Summer Games at Stade Pierre-Mauroy.

NBA Aims for Drama-Free Return to China After 6-Year Hiatus

The league looks to rebuild its presence in the populous country.
Tony Parker

Tony Parker, French Team Owner, Says NBA Europe Is Inevitable

Parker didn’t rule out his ASVEL club joining the NBA’s new league.

Alcaraz and Sinner Have More to Gain in 2025 After Splitting Slams

Alcaraz and Sinner have split the last eight Grand Slams.

Featured Today

Christie's

Lou Gehrig’s $4M Jersey and the Exploding Sports Memorabilia Market

An ultra-rare sports collection is about to hit the auction block.
@chef__tezz/Instagram
October 19, 2025

Inside the NFL’s Private Chef Network

Private chefs are the unsung architects of player performance.
October 18, 2025

How Vanderbilt Went From SEC Doormat to Dark Horse CFP Candidate

After beating LSU, Clark Lea said: “Internally, we expect to win.”
May 27, 2025; Indianapolis, Indiana, USA; Indiana Pacers guard T.J. McConnell (9) shoots a three point basket over New York Knicks guard Josh Hart (3) during the third quarter of game four of the eastern conference finals for the 2025 NBA Playoffs at Gainbridge Fieldhouse
October 18, 2025

NBA Stars Swap Wine With League Friends and Foes

A wine-exchange tradition emerged from the bubble season’s close quarters.

Jazz to Get New Training Facility on Same Campus As Mammoth

The company is developing a sports campus in Sandy, Utah.
October 15, 2025

Bears Hit Another Speed Bump for New $5B Stadium in Suburbs

A new state bill would impose several conditions on the NFL team.
October 16, 2025

Steelers’ Shared Stadium With Pitt Comes Under Fire for Bad Turf

The conditions at Acrisure Stadium have been subpar this season.
Sponsored

Michelle Wie West: Women’s Sports Doesn’t Need Charity

The LPGA legend on redefining women’s sports and the future of golf.
October 13, 2025

Browns, Cleveland Reach $100M Deal to Clear Team’s Move to Suburbs

The surprise truce includes financial payments and the dismissal of lawsuits.
Nov 17, 2024; New Orleans, Louisiana, USA; Detailed view of a Cleveland Browns helmet on a time out against the New Orleans Saints during the first half at Caesars Superdome.
October 7, 2025

Cleveland Takes New Shot at Blocking Browns’ $2.4B Stadium

A new lawsuit challenges a permit for the NFL team’s planned stadium.
October 7, 2025

Rays Owner Eyes New ‘Forever Home’ Like Atlanta’s Battery

The club’s new owners target a new ballpark opening in 2029.
Sep 23, 2025; Dallas, Texas, USA; Dallas Stars forward Adam Erne (76) looks on during the game between the Dallas Stars and the Minnesota Wild at American Airlines Center
exclusive
October 3, 2025

Dallas Stars Eyeing Possible Move to Plano in 2031

The team needs to figure out where they’ll play starting in 2031.