China's Dalian Wanda buys 20 percent of Spain's Atletico Madrid

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, January 21, 2015. REUTERS/Jason Lee

BEIJING (Reuters) - China's biggest property conglomerate, Dalian Wanda Group Co, has bought 20 percent of Spanish soccer champions Atletico Madrid for 45 million euros (34.5 million pounds), becoming the first Mainland company to invest in a premier European club.

The purchase adds to a string of deals as Wanda expands overseas and diversifies away from a weak domestic real estate market. Over the past two years, the company agreed to invest nearly $2 billion in London and Madrid hotels and properties.