China’s Dalian Wanda to Tear Down and Rebuild Madrid’s Historic Edificio España: Reports

Edificio España in Madrid

Several Spanish media have disclosed the existence of a letter to China’s real estate conglomerate Dalian Wanda Group from the City Council of Madrid, in which the councilor exposed the possibility of dismantling the Edificio España, one of the city's most iconic buildings.

Dalian Wanda acquired the building in 2014. The news of acquisition came along with the company revealing plan to renovate the structure as to including luxury apartments and a hotel as part of a broader overhaul of the neighborhood. The Governing Board of the Community of Madrid approved the proposed refurbishment in January 2015.

The negotiation between Dalian Wanda and the City Council of Madrid falls on whether the Chinese real estate firm has gained permit and how necessary it is to tear down the facade of the historic building before rebuilding it piece by piece.

Manuela Carmena, the mayor of Madrid, has declined to give further details to the press, despite the letter published by the newspaper Bez showed the city council’s effort to retain the project of billions of euros in one of the most representative buildings of Madrid.