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Wanda Hotel's HK$878M stake buy gets shareholders' approval

Shareholders of Wanda Hotel Development Co. Ltd. have approved the proposed HK$878.0 million acquisition of Dalian Wanda Commercial Properties Co. Ltd.'s entire shareholding in Wanda Hotel Management (Hong Kong) Co. Ltd.

The proposal, which is part of Dalian Wanda Group Co. Ltd.'s planned reorganization of its hospitality business, was approved at a Dec. 8 meeting in which 457,593,693, or 97.93% of the total 467,285,693 votes, were cast in favor of the proposal, while 9,692,000, or 2.07%, voted against.

Wanda Commercial Properties Overseas Ltd., which holds a 65.04% controlling stake in Wanda Hotel Development, was required to abstain from the voting process because of its association with Wanda Commercial Properties (Hong Kong) Co. Ltd., the company said in a filing.

Earlier in December, Wanda Hotel Development's controlling shareholder signed a non-legally binding letter of intent to transfer all of its shares in the hotel operator to a wholly owned subsidiary of Wang Jianlin, chairman and founder of the Dalian Wanda conglomerate, for roughly HK$3.67 billion.