REIDIN – Daily, BangkokMar 26, 2014
Wang Jianlin, who topped Forbes’ 2013 China Rich List, recently acquired a landmark building in Madrid for about EUR260 million (USD358.6 million).
The 117-metre Edificio España—once Europe’s tallest building—will be redeveloped into a mixed-use luxury hotel and shopping complex. It had been used as an office and apartment building, but the original plan for the 25-storey tower was for hospitality purposes.
Comunidad de Madrid president Ignacio Gonzalez, who announced the deal to the public, told Forbes that the transaction is “an important part of a recovery plan for the Spain Square area of Madrid—where the building is located.”
In 2006, previous owners Grupo Santander paid 33 percent more than Wang’s estimated acquisition price, but the Spanish bank failed to redevelop the property after facing a budget problem in 2007. The Edificio is widely considered a symbol of Spain’s property crisis by Madrid residents and politicians, according to Forbes.
Wang, who, according to Forbes is worth USD15.1 billion, purchased the property through his real estate firm Dalian Wanda, which operates 49 five-star hotels and hundreds of commercial properties in China. Wang is expanding his international property portfolio and has acquired other multimillion projects in the United States and India.
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