Wang Jianlin, Chairman of Dalian Wanda Group in China, speaks at a dialogue session during the Asian Financial Forum in Hong Kong, China, January 18, 2016. REUTERS/Bobby Yip
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Chinese property giant Wanda, owned by one of the country's richest men Wang Jianlin, is reassessing plans for a historic Madrid skyscraper, it said Thursday, amid a dispute over its redevelopment.Wanda acquired the 25-story Edificio Espana, built in the 1950s under the dictatorship of General Francisco Franco, in June 2014 for 265 million euros (now $288 million) and reportedly wanted to turn it into a hotel and shopping center.According to Spanish reports, city authorities are refusing to let Wanda demolish the building's facade before reconstructing it.Citing Spanish media, the state-run Global Times newspaper said Thursday that Wanda has started dismissing employees in its Madrid office after talks with the city government failed.
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