Work Continues In China On ‘World’s Largest’ Soccer Venue Despite Incredible Debt
GUANGZHOU, China - Work on a China Evergrande Group project in the southern city of Guangzhou to build one of the world's largest soccer stadiums is proceeding "as normal,” the company told Reuters on Monday, despite the real estate giant's cash woes.
Evergrande owes $305 billion in debt and has run short of cash, rattling global markets. It missed a payment deadline on a dollar bond last week.
Construction on the Guangzhou FC Soccer stadium, which was set to cost around $1.86 billion, began in April last year and had been due to finish by 2022.