China Vanke Co , the country’s biggest home builder, said it is planning a major restructuring and will disclose details within 30 days.
Vanke‘s Shenzhen- and Hong Kong-listed shares were suspended from trading on Friday afternoon, after a war of words broke out between Vanke Chairman Wang Shi and its biggest shareholder over control of the company.
Vanke said in an exchange filing late on Sunday that the company would disclose details of there structuring plan before Jan. 18, 2016, and the share suspension would shield investors from possible fluctuations in prices due to uncertainty.
The official China Securities Journal reported on Friday that Wang did not welcome property and insurance group Shenzhen Jushenghua Co as its largest shareholder, saying the firm lacked “credibility” and would negatively impact Vanke.
In response, Jushenghua parent Baoneng Group said on its website that since its founding in 1992, the group had created huge value to its clients and enjoyed a “good reputation”.
(Editing by Stephen Coates)