Chinese billionaire is ready to buy España for €260 million

Chinese billionaire is ready to buy España for €260 million

Edificio España (building of Spain) owned by Santander and located in the centre of Madrid, can be bought by a Chinese investor for €260 million. A prominent billionaire Wang Jianlin is ready to convert the building into a hotel and a shopping centre, according to ee24.com citing noticia.ru.

25-storey tower, which is 117 meters tall, was built just after the Second World War and until recently was used as a multifunctional complex with hotel rooms, offices, shops and apartments.

In 2005, shortly before the beginning of the crisis, the building was bought by Santander for €400 million. If the banking group is not satisfied with the proposal from China, it will rebuild the tower by own resources, saving only facades which are protected by the state.