Evergrande, the Chinese property developer, has announced it is selling 50 per cent of its football club, Guangzhou Evergrande FC, to Alibaba, the Chinese ecommerce giant run by billionaire entrepreneur Jack Ma.
The deal not only highlights how the waning of the world's biggest real estate boom is seeing China's mega-wealth shift from bricks to clicks, as Chinese property developers struggle with high debt and an oversupply of owned-but-empty buildings.
It also draws parallels with Rakuten, the Japanese online retailer, whose boss Hiroshi Mikatani steered the company to purchase a baseball team, the Rakuten Eagles.
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