A subsidiary of China State Construction (CSCEC) has taken over a football stadium project in Guangzhou from struggling developer Evergrande, news site Yicai reports.
China Construction Fourth Engineering Division will build the ground for $328m.
Evergrande was to have spent $1.7bn on the project.
Evergrande revealed the lotus-flower design for the stadium in 2020.
It was to have been home to Guangzhou FC, which it also owned, and to have been completed by the end of 2022.
The ground was to have had a capacity of 100,000, making it the largest ground in the world in terms of number of seats.
Evergrande was then hit by a liquidity crisis and stopped work in 2021.
The following year, it returned the land to the city government for $764m, making a loss of $180m.
The council then handed the site to a company it owned, the Guangzhou City Construction Investment Group.
The redesigned stadium will be known as the Guangzhou Football Park, rather than the Guangzhou Evergrande Football Stadium, and will have a seating capacity of only 73,000, which still puts it in the premier league of global football grounds.
The Guangdong Architectural Design and Research Institute unveiled a new design for the stadium in September. This envisages a complex consisting of the stadium, a public fitness centre and commercial facilities.
Evergrande’s Hong Kong-listed holding company is presently being liquidated by US firm Alvarez & Marsal.
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