Wanda Negotiates Purchase Of 75% Of Marina d’Or For €1,200M

2 December 2015 – Expansión

The Wanda group is holding negotiations to acquire 75% of the shares in the Spanish holiday complex Marina d’Or, located in Oropesa del Mar (Castellón), which is currently owned by the businessman Jesús Ger.

The purchase will amount to around 8,200 million Chinese Yuan (i.e. around €1,200 million), according to reports yesterday by Diario del Pueblo.

The newspaper reports in its digital edition that the founder and president of the group, Wang Jianlin, the richest man in China, has already visited the complex (which includes a golf course, a theme park, five hotels and a spa, amongst other buildings) together with other representatives from the company.

The official body of China’s Communist Party cites own sources for the basis of its information. When contacted by Efe, the Wanda group declined to make any comments on the subject for the time being.

Meanwhile, the Castellon group did not want to confirm or deny the talks and merely stated that it has been in touch with several Arab, Chinese and other investors over the last few months regarding their interest in its iconic project: Marina d’Or Golf, an urban development plan that was suspended several years ago. The group itself valued the project at €1,300 million, even though not a single brick has yet been laid.

In July, Jianlin revealed that his company would make at least three major overseas acquisitions over the next six months, after it expanded its entry into the sports sector this year with the purchase of Triathlon Corporation, the owner of events’ rights such as Ironman, and Infront, one of the largest sports rights companies in the world. (…).

Original story: Expansión

Translation: Carmel Drake

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