Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Edificio España, the Chinese investor Wang Jianlin of Wanda, and Madrid City Hall saga › Reply To: Edificio España, the Chinese investor Wang Jianlin of Wanda, and Madrid City Hall saga
Latest news is that Wang Jianlin’s Wanda Group, which bought the Edificio España a year ago for €265m to convert into a hotel, shopping centre and luxury flats, has decided that it needs to demolish the building and rebuild it if the project is to be viable.
The previous city council said it would never allow the façade to be demolished. The new city council, which is left wing and by nature opposed to any private business, is also against allowing the façade to be torn down and rebuilt. They now say they will hold a city-wide referendum.