China's Wanda to sell Madrid project for 272m euros

Shanghai

CHINA'S property giant Wanda, owned by the country's richest man Wang Jianlin, has signed a memorandum of understanding (MOU) to sell a historic Madrid skyscraper to a Spanish developer for 272 million euros (S$407 million), the company said on Friday.

Wanda plans to sell all shares of Wanda Madrid Development, which owns the 25-storey Edificio Espana, to Spain's property developer Baraka Global Investment, its listed arm Wanda Hotel Development Co said in a statement to the Hong Kong stock exchange.