Baoneng buys Guangzhou International Sports Arena for RMB3.7bn

Shenzhen Jushenghua, an investment company owned by Baoneng Group, has acquired the assets and operation rights of Guangzhou International Sports Arena for RMB 3.7 billion, according to a report released by Caixin Media, a Beijing-based financial news outlet.

As revealed in several news reports, Baoneng’s investment in the Arena dates back to March this year. The 120,000-square-meter facility is one of three NBA basketball arenas in China, complete with Beijing's Wukesong and Shanghai's Mercedes-Benz arenas. With a capacity of 17,773 seats, it has also has hosted basketball events of the 16th Asian Games in 2010.

It is reported that Baoneng is also involved in the business of local sports on April 25, through an agreement with Guangzhou Development District (GDD).

As part of the agreement, Baoneng is looking to set up its headquarters for its investment business, valued innovation town, sports and cultural center in the city.

It is worth noting that this is the first time for Baoneng to embrace the sports industry, as the Group’s main business fields are health care, education, pension services, science parks, financial sectors, culture and media. 

Source: 163, Jiemian & Hexun

Proofread by William Logsdon