chinese authorities take over debt-laden evergrande football stadium in guangzhou

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chinese government takes control of guangzhou stadium

according to recent reports, chinese authorities have taken over the,whose construction was halted due to financial issues. commissioned by currently indebted property developer evergrande and designed by global firmgensler, the project was expected to become the worlds largest football venue by capacity, and to complete by the end of 2022.

the construction of the guangzhou evergrande football stadium began in april 2020, with an estimated cost of $1.86 billion. however, all works on the 100,000-capacity project stopped in august 2021, with evergrande struggling to meet repayments on over $300 billion of debt. thereal estate developergave up control to authorities which plan on selling the stadium, or in the absence of buyers acquiring it via state-owned guangzhou city construction investment group.

designed by gensler, the stadium is expected to serve as an iconic landmark for the local sports industry and a central gateway to the greater bay area. the massive venue will be home to guangzhou evergrande taobao FC and will function as the major sports center for the pearl river delta.

the stadium is adjacent to the guangzhou south railway station, optimizing accessibility, and attracting football fans from all over the nation. the design by theworld-renowned firmpresents a symbolic geometric roof that alludes to intertwined lotus flowers and symbolizes honor, tenacity, and unity.

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