Chinese property company Dalian Wanda Group Co. is buying a 20% stake in Spanish soccer club Atlético Madrid, making owner Wang Jianlin the latest Asian billionaire to invest in the sport in Europe.

Wanda said Wednesday it would pay €45 million ($52 million) for the stake in Atlético, the club that outdid soccer giants Barcelona and Real Madrid to win the title in Spain’s top division—La Liga—last season.

The...