Wanda Group, owned by Chinese billionaire Wang Jianlin, signed a memorandum of understanding with Spanish property developer Baraka Global Investment to sell all shares of Wanda Madrid Development. The €272m deal, announced in Hong Kong last week, is not binding. The package includes the landmark 25-story Edificio Espana skyscraper in Madrid. Wanda paid €265m for the building in 2014 with plans to turn the property into a hotel and shopping center. The plans, however, were opposed by local government officials. Baraka has already put down €1m and the deal is expected to be executed in October, according to news reports.
