Global financial crash fears as China steps in to take over Evergrande's football stadium.
Chinese financial crash fears have escalated yet again after the Chinese authorities were forced to take over debt-ridden property giant, China Evergrande's football stadium project.
Chinese authorities have been forced to take over the Evergrande Guangzhou Football Stadium due to the company's financial woes. The football stadium remains under construction after the project was suspended three months ago. The Chinese government will now look to sell the stadium or transfer ownership to the state firm Guangzhou City Construction Investment Group, Reuters reports.
The stadium had an estimated cost of $1.7billion (£1.2billion) and had been due for completion in 2022.
Evergrande faces debt worth £221billion and has allegedly missed several bond interest repayments to foreign investors.
Although the company is one of the largest real estate organisations in China, new laws introduced surrounding the amount of debt a company can take on, have put Evergrande's future at risk.
Property sales have plummeted while Evergrande was forced to sell-off its projects at major discounts due to the new regulations which were introduced last year.
Dr Marco Metzler from Deutsche Marktscreening Agentur (DMSA), said the company has missed interest repayments of up to £110million.

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