Local developer plans Shenhua FC takeover
Print Edition
Shenhua now looks like it will be in Shanghai for the 2014 Chinese Super League season as a local property developer is planning a takeover.
Zhang Liaoyu, president of Greenland Group, confirmed the company plans to buy Shanghai Shenhua FC, which at one point looked set to move to Kunming in Yunnan Province due to financial problems.
Greenland Group is a Shanghai-based state-owned property developer.
In 2012, Greenland Group ranked 359th among Fortune magazine’s list of the world’s top 500 enterprises and 73rd among top 500 Chinese companies. It reported revenues of US$36.6 billion and a total profit of approximately US$2 billion in 2012, according to PRnewswire.com.
Zhang told Shanghai Television Station that the city’s property developers, including Greenland Group, have not given enough support to soccer in the city.
“The achievements of Shanghai’s soccer teams do not match with the city’s international image and the company will do its best to support sports.”
It was reported Greenland Group would buy the 28.5 percent share in Shenhua owned by Zhu Jun. Greenland would then readjust the share structure with Shenhua’s other five owners. Zhang did not provide any financial details about the share purchase and restructuring plan.
Shanghai Shenhua finished eighth out of 16 teams last year.
In the past few weeks, Shenhua has sold three key players for a reported 60 million yuan (US$9.9 million).
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