Chinese conglomerate Dalian Wanda Group said on Thursday that it had not pulled out of a multimillion euro skyscraper renovation project in central Madrid.

In a statement, Wanda said Spanish media reports about rising tensions between Wanda chief Wang Jianlin and the mayor of Madrid Manuela Carmena had put a question mark on the plans to convert the landmark building in the Spanish capital into a luxury hotel and shopping mall.

Last week, frictions between the two parties had escalated after Spanish website El Periodista Digital said that Wang was upset after the Madrid government officials had "treated him like a dog".