Billionaire Wang Agrees to Sell Madrid Property for $300 Millionby
Wanda signs preliminary agreement to sell project to Baraka
Sale announced two years since Wanda bought landmark building
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.
The group’s Wanda Hotel Development Co. unit signed a memorandum of understanding to sell the Madrid property to Baraka Global Invest SL, Wanda said in a statement in Hong Kong on Friday. The deal, signed on July 12, isn’t binding.
Wanda sold the property for slightly higher than the 265 million euros it agreed to pay in 2014 for the Spanish landmark, which overlooks the Royal Palace and the Plaza de Espana.
Wanda Hotel rose 3.9 percent to HK$0.80 as of 3:37 p.m. in Hong Kong.