Just read about that. Probably a combo of 2 things :
1. Madrid preseason has not looked good, may need to revert to type and have a "you score 1 we score 2" mentality so need all the firepower they can get. Also Asensio is out
2. China club didn't want to pay a transfer fee, so that would have been a huge L for Madrid to take. Bale has some resale value, even with his injury record he's still good for minimum £50m
1. Madrid preseason has not looked good, may need to revert to type and have a "you score 1 we score 2" mentality so need all the firepower they can get. Also Asensio is out
2. China club didn't want to pay a transfer fee, so that would have been a huge L for Madrid to take. Bale has some resale value, even with his injury record he's still good for minimum £50m