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Yuexiu Property shareholders OK call option to buy 92% stake in project company

Yuexiu Property Co. Ltd. shareholders approved the call option that subsidiary Guangzhou Superland Economic & Information Consulting Co. Ltd. is exercising in its acquisition of a 92% equity interest in a project company under a 3.32-billion-yuan agreement.

Shareholders comprising 99.63% of the total votes elected to pass the resolution in a March 27 general meeting.

The project company is developing a 147,240-square-meter site in Wuhan, China, into a mixed-use residential and commercial complex. Pursuant to the deal, Guangzhou Superland will also extend a 3.25-billion-yuan shareholder's loan to the project company to repay a loan owed to Guangzhou Yuexiu Renda No. 4 Business Investment Enterprise (LP), the seller of the stake.

As of March 27, US$1 was equivalent to 6.28 yuan.