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
First-ever Inter-University Freshers’ Ball for Thursday
The Inter-University Freshers’ Ball, which will take place Thursday October 2 at the recently launched Club Ambiance in Kampala, will be the first of its kind....
Huge crowds at Eddie Kenzo’s Sitya Loss launch
Fans of a local musician Eddie Kenzo turned up in big numbers from different corners of south western region for the launch of his widely enjoyed new song Sitya loss on Saturday....
A Sunidhi icing on India Day
No one warned that this Sunidhi Chauhan lass of a singer would turn out such a big deal. Nothing about her meek persona indicated she would bring down the roof at Kampala’s India Day celebrations....
Irene ntale has no time for love...
Irene Nassuna Ntale of the hit Gyobera, is one of the most popular musicians in the country and was recently featured on BBC’s Focus on Africa....
Mafikizolo left people yearning for more
When Mafikizolo refused to perform at the Club Mega Fest on Saturday, their fans seemed to have been robbed of a lifetime opportunity to see them perform....
I am not in love with my boyfriend but I care for him  -Mary Luswata
I have learnt to guard my heart. I am not in love with my boyfriend but I respect and care for him very much....
Will police's move to increase the number of investigators help deal with fraud?
Yes
No
Can't Say
follow us
subscribe to our news letter