The Chinese government is currently not intending to engage in the large-scale real estate industry in Spain, Global Times quoted the Chinese embassy in Spain as saying.

Spanish media have reported that Chinese investors plan to spend 18 billion euros ($23.5 billion) on establishing a large-scale financial center in Madrid, and the investment project is supported by the Chinese government.

The financial center will include branches of China's State-owned banks, multinational companies' offices, five-star hotels and a processing factory for Chinese goods.

However, the Chinese embassy in Spain last week denied the Chinese government's involvement in the investment project. “China encourages bilateral investment between the two countries based on fairness and mutual benefit. But the embassy has neither provided any information about the project nor discussed its feasibility,” the embassy said.