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Bond Market News
Evergrande Set to Receive $818mn for Cancelling Land-Use Rights
August 5, 2022
Distressed Chinese developer China Evergrande Group announced that it is set to receive RMB 5.52bn ($818mn) from the cancellation of land-use contracts linked to a football stadium. The company bought the rights in April 2020 from the Guangzhou Municipal Planning and Natural Resources Bureau for RMB 6.81bn ($1.01bn). This was for the construction of an RMB 12bn ($1.78bn) stadium for Gaungzhou FC, majority owned by Evergrande since 2010. The company is currently in the midst of putting together a preliminary restructuring proposal after it missed the earlier promised deadline of end-July. Its bonds are trading at deep-distressed levels of 5-7 cents on the dollar.
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