- Title: Drone shows Evergrande's half-built stadium where workers are few
- Date: 27th September 2021
- Summary: GUANGZHOU, GUANGDONG PROVINCE, CHINA (SEPTEMBER 26, 2021) (REUTERS) (MUTE) VARIOUS OF DRONE FOOTAGE SHOWING GUANGZHOU EVERGRANDE FC'S NEW STADIUM UNDER CONSTRUCTION GUANGZHOU, GUANGDONG PROVINCE, CHINA (SEPTEMBER 26, 2021) (REUTERS) VARIOUS OF WORKERS ON CONSTRUCTION SITE FOR NEW STADIUM VARIOUS OF ENTRANCE TO CONSTRUCTION SITE FOR NEW STADIUM (SOUNDBITE) (Mandarin) LOCAL RESIDENT, MR. LU, SAYING: "I've heard them saying that they'll stop work (on the stadium). I'm worried they'll stop working and then leave. I'm just here to see what's going on." CONSTRUCTION SITE (SOUNDBITE) (Mandarin) SMALL STORE OWNER OUTSIDE STADIUM CONSTRUCTION SITE, MR. ZHAO, SAYING: "It's such a big construction site. The world's eyes are on it. How could the biggest (purpose-built) soccer stadium in the world not be built? It won't become a waste construction site. The government wouldn't let this happen." CRANES (SOUNDBITE) (Cantonese) CONSTRUCTION WORKER WORKING AT SITE NEAR TO STADIUM SITE, DID NOT DISCLOSE NAME, SAYING: "From what I observed there are much less workers than in June.â€ REPORTER: "Were there many people before?" UNKNOWN BYSTANDER: "They used to have hundreds of workers." CONSTRUCTION WORKER: "Now there are very few." CRANES GUANGZHOU, GUANGDONG PROVINCE, CHINA (SEPTEMBER 26, 2021) (REUTERS) (MUTE) DRONE FOOTAGE SHOWING GUANGZHOU EVERGRANDE FC'S NEW STADIUM UNDER CONSTRUCTION
- Embargoed: 11th October 2021 10:27
- Keywords: CSL China Evergrande Guangzhou debt soccer
- Location: Guangzhou, Guangdong, China
- City: Guangzhou, Guangdong, China
- Country: China
- Topics: Asia / Pacific,Company News Markets,Economic Events
- Reuters ID: LVA001EWHUBT3
- Aspect Ratio: 16:9
- Story Text: Work on an Evergrande-funded project in Guangzhou to build one of the world's largest soccer stadiums is proceeding "as normal", the company told Reuters on Monday (September 27) despite the company facing massive debt headaches. Evergrande owes $305 billion and has run short of cash. Some investors worry a collapse could pose systemic risks to China's financial system and reverberate around the world.
Construction on the Guangzhou FC Soccer stadium, which was set to cost around 12 billion yuan, began in April last year and had been set to finish by 2022.
"Construction work on the soccer stadium is still proceeding as normal and in an orderly manner," the company said in a response to a query about the fate of the stadium.
But a day earlier, on Sunday (September 26) just outside the half-built stadium, several locals expressed concern.
"I'm worried they'll stop working and then leave," said a local surnamed Lu who had come along to see what was going on.
If complete the stadium will have a capacity of over 100,000, making it the largest purpose-built soccer venue by capacity at a cost of around 12 billion yuan ($1.69 billion) to complete, the Evergrande group said last year.
Last week Evergrande failed to pay interest on a $2 billion dollar bond maturing in March next year. It will default if no payment is made within a 30-day grace period.
Evergrande owned Guangzhou FC are giants of the Chinese Super League and boast star names including manager and former World Cup winner Fabio Cannavaro. The Chinese Super League has been beset by problems of late including last year's champions Jiangsu Suning who were dramatically shut down by their owners Suning earlier this year.
(Production: Martin Pollard, Thomas Suen)
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