Evergrande Real Estate Group Chair Regains Command Of Chinese Side Evergrande Taobao

Evergrande Real Estate Group Ltd. Chair Hui Ka-yan has "taken control" of Chinese Super League side Guangzhou Evergrande Taobao after pumping 400M yuan ($64.42M) cash into the club, according to the HONG KONG ECONOMIC JOURNAL. Hui "boosted" his stake to 60%, leaving joint-venture partner Alibaba Group Holding Ltd. with 40% from 50% previously. The club is worth 12B yuan ($2B) after the Hui "injection, with one-sixth of its value coming from the players alone." The valuation compares with $2.97B for ManU and $245M for Real Madrid. Hui bought Evergrande Taobao FC for 100M yuan in '10 and "sold half of the stake to Alibaba last year" for 1.2B yuan. Evergrande made a 719M yuan profit on the deal. Last year, the club "posted" 215M yuan of advertising revenue (HKEJ, 6/25).