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Sunac China shareholders OK 9.5B-yuan buy of Wanda Commercial stake

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.