China's property giant Wanda has signed a memorandum1 of understanding to sell a historic Madrid skyscraper2 to a Spanish developer for 272 million euros, or about 300 million US dollars.
中国房地产巨头万达集团与西班牙某开发商签署一份销售马德里摩天楼的谅解备忘录,该交易价值2.72亿欧元(3亿美元)。
Wanda plans to sell all its shares of Wanda Madrid Development, which holds the 25-story Edificio Espana, to Spain's property developer Baraka Global Investment.
Wanda bought the historic Madrid
landmark3 in June 2014 for 265 million euros, but its plans to develop the property into a hotel and shopping center have been met with
hurdles4 from the local government.
Madrid's new anti-austerity Mayor Manuela Carmena has
vowed5 to sternly
scrutinize6 big building projects approved by the former conservative council.
Spanish reports said city authorities refused to let Wanda
demolish7 the building's
facade8 before reconstructing it.
Wanda has been on a high-profile overseas acquisition spree in recent years, including the 3.5 billion US Dollar purchase of Hollywood studio
Legendary9 Entertainment in January.