October 10, the news came thick and fast, the former Evergrande hands of the Panyu soccer stadium land, at a very low price to change hands, the receiver is the Guangzhou City Investment.
Back in August this year, Evergrande Group released a heavy announcement on the Hong Kong Stock Exchange, announcing that it would terminate the contract and return the land use right of Guangzhou Evergrande Football Stadium, and the transferee would be required to pay as much as RMB 5.52 billion yuan as the refund.
Entering September, the Guangzhou Public Resources Trading Center disclosed that this Guangzhou Evergrande Football Stadium site was back on the shelf at a reduced reserve price of 3.155 billion yuan. It is worth noting that Evergrande won this plot in 2020 for $6.813 billion, a staggering price reduction of $3.66 billion.
In the same August, Evergrande announced that it had reached a waiver agreement with the Guangzhou Municipal Bureau of Planning and Natural Resources to return the land use rights of the Xiecun Sports Facilities Plot and the Industrial Plot, and that the Guangzhou Municipal Bureau of Planning and Natural Resources was required to pay 5.520 billion yuan as a refund of the premium.
Xiecun land this time back to the land market, the conditions of sale has undergone major adjustments. The nature of the land was changed from industrial land to commercial and residential land, the starting price of the listing was reduced from 6.813 billion to 3.155 billion, and the area of the land was expanded from 499,100 square meters to 577,700 square meters.
In the end, Guangzhou Chengyi Real Estate Development Company Limited, a wholly-owned subsidiary of Guangzhou Chengtou, successfully bid for the site at the reserve price.
According to the latest announcement, the new owner, Guangzhou Urban Investment, is required to build BA0402042 in accordance with the planning requirements, with a total investment of 6.5 billion yuan, of which 2.092 billion yuan has already been invested, and 4.408 billion yuan needs to be invested in the remaining. In other words, Guangzhou Urban Investment needs to invest an additional 4.4 billion yuan for the soccer stadium project.
