"We got this at a bargain price and do not expect to take a loss," said Wang Jianlin, Chairman and President of Dalian Wanda Group, during a CCTV interview on May 25. The topic of the interview was Madrid’s iconic landmark Edificio España, which now belongs to Wanda. 

In June 2014, Wanda acquired the 25-story Edificio España, which was built in the 1950s, for €265 million (about 2.2 billion yuan). The company reportedly hopes to turn it into a hotel and shopping centre, but they are currently waiting on final approval from the local government. 

The building is not a historical landmark because it is only a little over 50 years old, said Wang. A website has been launched to protest the demolition and reconstruction project, but only about 70,000 people have signed the petition in the past year. Given that there are more than 4 million residents in Madrid, that number proves that opposition is not very strong, according to Wang. 

Edificio España has been vacant for several years, and was constructed thanks to bank loans. The bank later repossessed the building because the loans could not be repaid, Wang explained. 

With regards to plans for demolition and rebuilding, Wang said: "It is not that we want to demolish it. It is that Spanish experts have said the reinforcing steel is corroded. It cannot continue to bear the weight, so the building must be dismantled."

When the former Spanish ruling party sold the building, they agreed to demolition and reconstruction. However, the incumbent opposition rejected the previous agreement, so Wanda decided to sell it. Now, according to Wang, the government is once again discussing the project, and Wanda is waiting for the final ruling.