Chinese property giant Wanda is considering another big investment in Madrid worth billions of euros but will face strict conditions from the city’s new left-wing council, a councillor said.
The new investment could be “10 times bigger” than the ¤265 million (now US$297 million) Wanda paid last year for a historic Madrid skyscraper, said the leader of the Socialist Party group in the council, Antonio Miguel Carmona.
The real estate and entertainment group owned by Chinese billionaire Wang Jianlin bought the skyscraper on the Spanish capital’s Plaza de Espana in June 2014. It also wants to build a shopping centre and water park in Madrid’s Latina district.
Now Wanda has “expressed its intention to carry out a third big project in Madrid,” Carmona told a news conference.
“They did not give concrete details but ... they valued it about 10 times bigger than the Plaza Espana operation.”
In April Jianlin also bought a 20 per cent stake in Atletico Madrid football club for ¤45 million.