China Evergrande says stadium will be built
Real estate company, China Evergrande, rattled global markets last week, when it defaulted on a bond payment and now there are doubts it can finish constructing one of the world's largest soccer stadiums, despite telling Reuters on Monday they’ll proceed “as normal.”
Residents and workers in the southern city of Guangzhou say the project appeared to slow down over the summer.
They told Reuters there were less workers than in June - that where there were hundreds, there are now few.
Evergrande owes over $300 billion in debt and has run short of cash.
Construction on the Guangzhou FC Soccer stadium began in April last year and was set to cost nearly $2 billion.
The company told Reuters it’s still due to be finished by 2022.
In response to a query, China Evergrande said, "Construction work on the soccer stadium is still proceeding as normal and in an orderly manner."
The stadium is expected to seat over 100,000 fans, which would make it the world's largest soccer venue by capacity.
