Translation:A telephone hung on the wall of the building.
It violates the basic subject-verb-object order, with "telephone" being the subject, "hung" being the verb and "building wall" as the object.
There is a little bit of information about the order you used in this wikipedia article: https://en.m.wikipedia.org/wiki/Object%E2%80%93subject%E2%80%93verb
Hung is being used as something hanging and has already been hung up physically, not in the process of being hung. You could say was hanging, i think, instead of hung, in this sentence, but was hung is not the same as hung or was hanging. Yours is more the act of hanging it up instead of already placed, I think.