The Edificio Espana: A Global Investor Meets Local Politics

Case Solution

Klaus Meyer, Alicia Wang, Tomaz Fittipaldi
Ivey Publishing ()

The Dalian Wanda Group Co. Ltd. (Wanda) was a rapidly growing real estate empire in China built by Jianlin Wang, the richest man in China. In 2010, Wang transformed Wanda into an entertainment company and embarked on an ambitious international growth strategy. There were hardly any limits to his ambitions; However, one of his acquisitions, the Edificio España en España, an iconic historic building in the center of Madrid, ran into problems due to conflicts with local authorities. Wang’s remodeling plans for the España Building included a major renovation and upgrade of the building’s commercial facilities, which required approval from the Local Historical Heritage Commission. Politicians initially expressed support for Wang’s plan, but the motion slowly went through the formal process and became entangled in local politics. A local election in the middle of the process resulted in a new party taking control of the city council, a ruling party that did not support Wang’s plans. Should Wang cut his losses and sell the building or go ahead and restart management? of your project?

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