Sunac China Holdings Ltd.'s shareholders approved the Chinese property developer's proposed acquisition of a roughly 3.91% stake in Dalian Wanda Commercial Properties Co. Ltd. for 9.5 billion yuan.
Sunac China said in a filing that all 2,374,135,861 votes cast at its May 28 extraordinary general meeting were in favor of the proposed transaction.
Sunac China is among a group of investors that agreed earlier in 2018 to collectively acquire for approximately US$5.38 billion a roughly 14% stake in the Dalian Wanda Group Co. Ltd. unit, which is looking to shift its focus away from property development to commercial management.
As of May 25, US$1 was equivalent to 6.39 yuan.
