- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
RBGPF | 100% | 58.93 | $ | |
CMSC | -0.16% | 24.74 | $ | |
CMSD | -0.16% | 24.89 | $ | |
SCS | -1.98% | 12.62 | $ | |
BCC | -0.9% | 138.29 | $ | |
GSK | -2.81% | 38.37 | $ | |
AZN | -2.12% | 77.93 | $ | |
RIO | -1.42% | 69.83 | $ | |
BTI | -2.45% | 35.11 | $ | |
NGG | -2.7% | 66.97 | $ | |
RYCEF | 1.15% | 6.98 | $ | |
RELX | -1.46% | 46.61 | $ | |
BCE | -1.77% | 33.84 | $ | |
JRI | -0.6% | 13.3 | $ | |
VOD | -0.52% | 9.69 | $ | |
BP | 0.28% | 32.46 | $ |
China Evergrande to get $818 mn for scrapping stadium deal
Embattled Chinese property giant Evergrande has cancelled a contract to build a football stadium in a southern city in return for 5.52 billion yuan ($818 million), it said in a filing.
The real estate behemoth has been involved in restructuring negotiations after racking up $300 billion in liabilities in the wake of Beijing's crackdown on excessive debt and rampant speculation in the property sector.
Last week, the company failed to meet a self-imposed deadline to publish a preliminary restructuring proposal, although it said it has made positive progress.
In a filing to the Hong Kong stock exchange late Thursday, Evergrande said "the group's liquidity issue has adversely affected the development of and construction on the land" in Guangzhou.
Evergrande entered a contract with the city's authorities in 2020 for use of the land, designated for sports and industrial purposes.
The contract allowed for commercial and sports uses of the land for 40 years, as well as other business uses for 50 years, the filing said.
Evergrande had started construction, including the building of the Guangzhou Evergrande Football Stadium, which was set to have at least 80,000 seats, it said.
The latest refund will enter a project escrow account designated by the government and will be used to settle debts relating to the deal, Evergrande said.
"It is expected that the group will record a loss of approximately 1.255 billion" yuan over the total book value of the land along with buildings, structures and other items at the site after deducting the refund, Evergrande said.
Evergrande, one of China's biggest developers, has scrambled to offload assets in recent months, with chairman Hui Ka Yan paying off some of its debts using his personal wealth.
It has also found a potential buyer for its Hong Kong headquarters, according to earlier media reports.
Its troubles are emblematic of the problems rippling across China's massive property sector, with smaller companies also defaulting on loans and others struggling to raise cash.
Cash-strapped developers have increasingly struggled to deliver projects on time, sparking mortgage boycotts from angry homebuyers in many cities.
C.Smith--CPN