The respective shareholders of diversified real estate developer Fantasia Holdings Group Co. Ltd. and Colour Life Services Group Co. Ltd. approved the latter's proposed consolidation of real estate management companies Shenzhen Xingfu Wanxiang Investment Partnership Co. and Wanxiangmei Property Management Co. Ltd.
The parties said 100% and 99.1% of the votes cast at the respective extraordinary general meetings of Colour Life and Fantasia Holdings were in favor of the transaction. Under the transaction, several units of Fantasia Holdings will sell their full stakes in Shenzhen Wanxiang and Wanxiangmei to Colour Life subsidiaries for a total of 2.01 billion Chinese yuan.
As of Feb. 27, US$1 was equivalent to 6.32 Chinese yuan.
