Wang Jianlin (C), chairman of Dalian Wanda Group, holds an Atletico Madrid jersey with his name, to pose for a photo with Atletico Madrid's President Enrique Cerezo (R) and managing director Miguel Angel Gil after a signing ceremony in Beijing, Jan 21, 2015. [Photo/Agencies]

China's biggest property developer expanding sports empire in Europe, Italian report says

Dalian Wanda Group is interested in purchasing a 30 percent stake of Italian soccer team AC Milan, as the company continues its shopping spree to build a sports empire in Europe.

Wanda, which controls the nation's biggest property developer and largest cinema chain, is considering paying $170 million for the minority stake in the team, according to Italian newspaper Il Sole 24 Ore.

The property developer may also be planning to build AC Milan's new stadium in the Portello district. The real estate giant declined to comment on the news.

Local media reported that Thai investor Bee Taechaubol has also held negotiations with former Italian prime minister and AC Milan president Silvio Berlusconi.

Bee Taechaubol, who owns a real estate empire in Thailand, is said to be willing to pay for a majority stake in the club. However, local media suggested that Berlusconi would favor a Wanda offer for the Rossoneri team as Wanda pledged to help the club in its objective to build the new stadium.

"The arrival in Italy of the Wanda Group and Wang Jianlin (chairman of Wanda Group) has created a new scenario, because it ties in very well with the new stadium project," wrote Italian sports journalist Marco Bellinazzo.