The Chinese magnate Wang Jian Lin is rumoured to have set his sights on Marbella, after pulling out of a project to build a luxury hotel in Madrid. It is said that he got tired of the city hall taking their time to aid him in pursuing his proposed plans.
Official representatives of the Wanda group, which is owned by Wang Jian Lin, have recently visited the Villa Padierna hotel resort in the municipality of Benahavís for talks, reported the Diarío Sur, however there has still not been official confirmation that the luxury five star development is actually up for sale.
We do know however, that the Wanda group executives met with representatives from the real estate and hospitality industries—a clear sign that the Marbella area, is on the radar for investment from the Chinese firm. This could mark the beginning of a new, significant era with regards to tourism and the property market in Marbella, as Wanda frequently invests amounts of up to hundreds of millions of euros into various projects.
Marbella Is Hot On Wanda’s Radar
The richest man in china, Wang, who owns the group, had previously purchased Edificio España in Madrid for €260 million, with the idea of transforming it into a luxury hotel, but has now put it up for sale, after running into difficulties with Madrid City Hall and their unwillingness to cooperate with him. Now Wanda is looking at the Marbella area, with its international reputation as a luxury tourist destination, Marbella would seem to be the perfect fit for the group, which already owns 52 hotels wordlwide.
The group’s interest in Benahavís is well documented, having already entered into negotiations to purchase a commercial centre in the town. It can be expected that any move by Wanda to enter the luxury resort sector in the area would be of significant proportions- they are not concerned about spending money, as has been proven by the €1.2 billion deal it is finalising for a 75% stake in the Marina d’Or golf resort in the Valencia region. The complex includes apartments, five hotels and a theme park.
€200m deal in East Marbella
Should such a transaction take place in the Marbella area, it would represent another influx of funds from Asia, an increasingly important source of investment for the town. Indian tycoon Roshni Mohinani has spent €50 million through his Hong Kong based company Platinum Estates on acquiring a prime seafront plot for a hotel and villas project in Las Chapas that when completed will represent a total investment of €200 million.
An investment of this size, is viable evidence that the ever important factor of confidence is once again here, with regards to the real estate and luxury hospitality sectors of Marbella and the Costa del Sol. Over the past few years, we have noticed a significant increase in interest of clients wanting to purchase villas and apartments for sale, in the most prestigious areas of Marbella.
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