China's richest man loses $29m in Spain property deal
By Shi Jing in Shanghai | China Daily | Updated: 2017-06-03 06:53
China's richest man Wang Jianlin has lost up to 200 million yuan ($29.3 million) from a deal brokered in Spain three years ago because of a shift in exchange rates.
Wanda Hotel Development Company Ltd announced on Friday it had sold its stake in Plaza de Espana 19 Development SLU to Spanish property company Baraka Global Invest SLU.
The sale by Wanda Hotel Development, a subsidiary of Dalian Wanda Group chaired by Wang, was completed on Thursday.
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