The Dalian Wanda Group Co. Ltd. (Wanda) was a fast-growing real estate imperium in China, built by Jianlin Wang, the wealthiest man in China. In 2010, Wang transformed Wanda into an entertainment conglomerate and initiated an ambitious international growth strategy. His ambitions knew few limits; however, one of his acquisitions—the Edificio Espana in Spain, an iconic historical building in the centre of Madrid—ran into difficulties due to conflicts with the local authorities. Wang’s refurbishment plans for Edificio Espana envisaged a comprehensive renovation and upgrade of the building’s commercial spaces, which required approvals from the Local Historical Heritage Commission. Initially, politicians expressed their support for Wang’s plan, but the application progressed slowly through the formal process and became entangled in local politics. A local election mid-process resulted in a new party gaining control of the city council—a governing party that was not supportive of Wang’s plans. Should Wang cut his losses and sell the building, or persist and reboot his project management?
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