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
Miss Uganda contesting in Big Brother Africa
It has been confirmed that the current, reigning Miss Uganda, Stella Nantumbwe will represent the country in this year’s Big brother Africa reality show that starts next month....
Final preparations for Club mega fest under way
As the clock ticks away, preparations for Uganda’s biggest fun moment, the Club mega fest slated to take place this Saturday September 20, 2014 at the Nelson Mandela national stadium are in high gear....
Behind-the-scenes: Bobi Wine shoots video for Size Yo
With the concert just around the corner, the Ghetto President sets out to shoot a video for his new song Size Yo....
George Clooney to get prize for humanitarian work
Hollywood megastar George Clooney will receive the Cecil B. DeMille Award at the Golden Globes for his work on screen and off, the organization...
"Django Unchained" star Daniele Watts has accused Los Angeles police of racism after they briefly detained the African American actress and her white husband on suspicion of engaging in prostitution....
Behind-the-scenes of Nkwatewa video shoot
Fyonna Nsubuga, who has been based in the UK, is back in Uganda to sing with locally-based musicians. She has started alongside Barbi Jay with a love song titled Nkwatewa...
Should bride price be made optional?
Yes
No
Can't Say
follow us
subscribe to our news letter