Wanda buys Madrid skyscraper

Chinese commercial property company Dalian Wanda Group purchased a historic skyscraper in Madrid, Spain for 265 million euros ($361 million), news portal cankaoxiaoxi.com reported on Monday.

Wanda purchased the building from Spain's biggest bank Santander, who bought the building just before Spain's property bubble burst in 2007, for nearly 390 million euros.

The 28-storey Edificio Espana, Spain's tallest building when it was built in the late 1940s, is a central landmark in the capital and used to house a hotel, though it has been vacant for several years.

Dalian Wanda, chaired by Wang Jianlin, China's richest man according to Forbes, is the country's largest commercial property developer and the privately held group also has interests in tourism, cinema and retailing.