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Evergrande gets $818m refund for giving up Guangzhou stadium rights

Design image of the planned Guangzhou Evergrande stadium. (Photo by STR/AFP via Getty Images)

Chinese property developer China Evergrande Group has received 5.52bn yuan ($817.8m) from a local government body in Guangzhou for giving up land use rights for a landmark football stadium development.

Evergrande was building a striking, 100,000-seater stadium on the site shaped like a lotus flower. It was planned to be a home for the company's Guangzhou FC football team and also a host stadium for the AFC Asian Cup in 2023. The development was expected to cost 12bn yuan.

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