Spain: a new destination for Chinese Investors
Strengthening commercial ties will be on the agenda when Spain’s prime minister, Mariano Rajoy, makes his first state visit to China.
The purchase of the 25-story Edificio España by Mr. Wang’s conglomerate, the Dalian Wanda Group, for 265 million euros, or about $340 million, was seen here as evidence that the nation’s property market was on the mend — and that Spain was figuring more prominently in the plans of Chinese investors.
The deal “put Spain on the map for Chinese institutional investors, who generally feel a lot more comfortable about going into a new market once they have seen at least one large transaction go ahead,” said Fernando de Góngora, a founder of Reliance Star Partners, a consulting firm based in Hong Kong that advises Spanish and Chinese investors.
The Spanish government has made several moves to make investors feel welcome. For example, this year it scrapped a law that allowed Spain’s national court to indict Chinese political leaders on charges of human rights violations in Tibet. In addition, individual Chinese investors have benefited from a program that allows foreigners who buy property in Spain to apply for residency.
Source: NYT- Spain: a new destination for Chinese Investors
