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Dalian Wanda to sell Madrid high-rise

Chinese company decides to let go of historic Edificio Espana

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Edificio Espana was the tallest building in Spain when it debuted in 1953.   © Reuters

DALIAN, China -- Unable to win the hearts of locals, Dalian Wanda Group said it is selling an iconic building in Madrid it acquired in 2014. The sale price is 272 million euros ($306 million), it said.

Wanda Hotel Development, a hotel subsidiary of the Chinese real estate giant, said the group has agreed to sell Edificio Espana, a historic high-rise in the Spanish capital, to a local investment company, without explaining the reason.

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