SportAccord Summit 2024 Logo Unveiled
29 Nov 2023 19:09
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.
Proofread by William Logsdon
Related coverage
The behind-the-scenes story of Suning’s Inter Milan deal
20 Jun 2016
K-Bird to launch new company in Hong Kong to assist sports investment
02 Jun 2015
Major capitals continued to be interested in the Chinese football league
13 Mar 2015
NBA China announces long-term partnership with Chivas
05 Sep 2017
NCAA team scheduled to play 4 games in China
11 Jun 2015
More from Yutang Sports
Yutang Sports
loading...