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
Zani vows to take Ugandan music by storm with new album
Ugandan singer, based in US, Zani Lady-C (born Susan Basemara) is hitting the right notes in her music career following the release of her new album....
Buchaman gets new manager, promises to go international
Local dancehall artiste Buchaman has promised to revive his music career and go international. The former Firebase crew vice-president made the remarks after signing a promotional deal with a new entertainment company Sema-Sema Entertainment Company....
Sony cancels release of film on N. Korea leader
Sony Pictures on Wednesday cancelled the release of a madcap comedy about North Korea that triggered chilling threats from hackers....
Juliana silently graces blankets and wine
The famous afro-based picnic, Blankets and Wine was held at the Uganda Museum grounds on Sunday afternoon....
Chameleone upbeat about
Ahead of his “One Million Night Experience” show slated for Thursday at Kampala Serena Hotel, artiste Jose Chameleone is positive his show will be a success despite recent concerns about the sh1m price....
Robin Williams is Google
Robin Williams's death had people worldwide scouring the Internet for insights into the famed comic's life, making him the hottest search trend of the year on Google, the web giant said...
What is causing the rise in Early child marriages?
Decaying social structures
Poor Education
None of the above
follow us
subscribe to our news letter