Entertainment
China's richest man buys star Madrid skyscraper
Publish Date: Jun 06, 2014
China's richest man buys star Madrid skyscraper
Chinese conglomerate Dalian Wanda. PHOTO/AFP
  • mail
  • img
newvision

MADRID - China's richest man Wang Jianlin has bought a historic Madrid skyscraper which has stood empty for years from Spain's biggest bank Santander for 265 million euros ($360 million), the bank said Thursday.
 
The 25-story tower of offices and apartments, completed in 1953 under the dictatorship of General Francisco Franco, dominates one end of the Plaza de Espana square in western Madrid.
 
It has stood empty since 2006, a symbol of the 2008 real estate collapse that thrust Spain into a double recession that wiped out millions of jobs.
 
The Edificio Espana building on the Plaza de Espana square in Madrid. PHOTO/  AFP
 
Spanish officials had expressed hope that the sale of the building would breathe new life into the neighbourhood, a key part of the city.
 
Santander said it sold the white and red brick Edificio Espana to Renville Invest, a subsidiary of Chinese conglomerate Dalian Wanda which is chaired by Wang.
 
The bank paid 389 million euros for the red and white brick building in 2007, just before Spain's decade-long building boom went bust, but in a statement it said the impact of the sale on its results and capital would be "immaterial".
 
Wang, formerly a senior member of China's ruling Communist Party, was ranked the richest man in China and 26th richest in the world, with personal wealth estimated at $14 billion, business magazine Forbes reported in February.
In 2012 he bought US cinema chain AMC Entertainment.
 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
"The Big Bang Theory" actress Kaley Cuoco was joined by fellow cast members from the hit TV sitcom as she received a star on Hollywood's storied Walk of Fame....
Maro-Lutalo collabo gets fans crazy at Venom
Time-check: 2am. Musicians Maro and David Lutalo make their presence in front of an eagerly waiting crowd at the Kabalagal-based beach bar Venom....
Hello Kitty at 40, giving adults a
As a Japanese schoolgirl in the 1970s, Kazumi Kaminaga had never seen something as cute as Hello Kitty when she first laid eyes on the moon-faced, mouthless character in a shop....
New York
The music's thumping, the dance floor's packed and the bar's bustling. Welcome to one of New York's hottest nightclubs and a new generation of clubbers: six-year-olds....
Abby Mpungu: The songs I write are very telling
For starters, Abby, 37, is a prominent songwriter who is behind most of the hit songs by local musicians in Uganda and spends most of his time talking to different people....
Former farmer crowned as new Miss Uganda
A former mushroom and poultry farmer has been crowned Miss Uganda following a major rebranding of the annual beauty pageant, now designed to promote agriculture in the east African nation....
Should the absence of bride price prevent couples from wedding?
Yes
No
Can't Say
follow us
subscribe to our news letter