Shanghai / AFP China’s property giant Wanda, owned by the country’s richest man Wang Jianlin, has signed an MOU to sell a historic Madrid skyscraper to a Spanish developer for €272 million, the company said. Wanda plans to sell all shares of Wanda Madrid Development, which holds the 25-storey Edificio Espana, to Spain’s property developer Baraka Global Investment, its ...

  Bloomberg A group led by US real estate investor Blackstone Group LP, the world’s largest manager of alternative assets, said second-quarter profit rose 2 percent as it earned more from real estate sales and its credit portfolio gained. Economic net income, a measure of earnings that reflects both realized and unrealized investment gains, increased to $520 million, or 44 ...

  DETROIT / AP A two-storey, wood-frame house became the 10,000th vacant building torn down under Detroit Mayor Mike Duggan’s massive plan to eliminate blight as the city continues dealing with abandoned properties following a population decline. An excavator was used to quickly tear down the house on Marlowe Street on Detroit’s northwest side. The demolition of 10,000 buildings is ...