Chinese tycoon buys one of madrid's tallest buildings
A Chinese tycoon has bought one of Madrid's tallest buildings.
The Edificio España, which climbs 25 storeys into the Spanish skyline, was built in 1953 and sold to Banco Santander for €389 million in 2005. Now, though, after standing empty for the best part of a decade, the 68,000 square-metre skyscraper has been bought for just two-thirds of that price by Wang Jianlin.
The Chinese magnate snapped up the property for just €265 million, planning to turn it into a new shopping and hotel complex for the country's capital. Wang's empire, Wanda, is worth $10.5 billion and is the largest property company in China, owning 166 malls in its home country, not to mention the AMC cinema chain in the US and another project on the River Thames within a mile of the Houses of Parliament.