Shares in China Vanke, the country’s biggest property developer by sales, rose by the 10 per cent daily limit yesterday after the company announced plans to open itself more widely to foreign investors by listing in Hong Kong through a share conversion.
Vanke said over the weekend that it would convert its Shenzhen-listed B shares to Hong Kong-listed H shares, a complex process that was completed for the first time by Chinese shipping container company CIMC last month.
Vanke’s shares had been suspended in Shenzhen since late last month, with no reason given for the move at the time. The company will maintain its A-share listing, which is denominated in renminbi.
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