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
Popular African TV soaps for Africa Magic
It is going to be more entertainment fanfare as Africa Magic, a foremost provider of African entertainment content on the continent, adds short format content like sitcoms, soaps, magazine and reality shows on their menu....
Chameleone lands lucrative iDroid deal as brand Ambassador
Ugandan music star Jose Chameleone has just put ink to paper on a one-year endorsement deal with iDroid USA, an international mobile gadgets manufacturer....
Kanye West apologizes to Beck for Grammy verbal attack
Hip-hop star Kanye West apologized Thursday to Beck after he loudly objected to the alternative rocker winning the Grammy for Album of the Year....
Lupita Nyong
The pearl-encrusted $150,000 dress worn by Kenyan star Lupita Nyong'o at the Oscars last weekend was stolen from the actress's Los Angeles hotel room....
Jaguza children’s choir glorify God through cultural vibes
Jaguza Children’s Choir has positioned itself comfortably as one of the favourite children’s gospel musical group....
Sony Pictures names new head of movie group
Sony Pictures Entertainment on Tuesday named Tom Rothman as new chairman of its motion picture group, a major move after a massive cyberattack devastated the entertainment giant....
Is KCCA doing enough to curb poor hygeine?
Yes
No
Can't Say
follow us
subscribe to our news letter