Billionaire Wang Agrees to Sell Madrid Property for $300 Million

  • Wanda signs preliminary agreement to sell project to Baraka
  • Sale announced two years since Wanda bought landmark building

The Edificio España in Madrid.

Photographer: Gerard Julien/AFP via Getty Images

Chinese billionaire Wang Jianlin’s Dalian Wanda Group Co. reached a preliminary agreement to sell its skyscraper in Spain for 272 million euros ($300 million) after failing to redevelop the building into the residential-and-hotel project it planned when buying it two years ago.

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