China Vanke’s A shares listed in Shenzhen will remain suspended for another three months while the property group undergoes a significant restructuring, after shareholders voted on Thursday to approve the motion. Vanke, China’s biggest home developer, had proposed to extend the trade suspension as the potential restructuring involves the transfer of state-owned assets which requires regulatory approval. Vanke’s Shenzhen shares have been suspended since December 18 when the company announced it would undergo a “a material asset restructuring.” Thursday’s vote has extended the trading suspension until June 18. The motion passed with near unanimous support from attending shareholders. On Sunday, Vanke said it has signed a preliminary agreement to acquire up to 60 billion yuan (HK$71.7 billion) of property assets from state-owned Shenzhen Metro. Vanke plans to issue new shares to help fund the acquisition, such that a private placement to be taken up by Shenzhen Metro would elevate the transit group to among its largest single stakeholders. In terms of the new equity, Vanke didn’t specify the final price, stake or timeline of the transactions. Shenzhen conglomerate Baoneng, Vanke’s largest shareholder with a 24.26 per cent stake, is at the centre of a battle for control of the home builder. Their stake could be diluted to 19 per cent after the restructuring, according to market estimates. Meanwhile, Vanke’s former largest shareholder, state-owned China Resources, newly introduced partner Anbang Insurance and Vanke’s management, hold a combined 26.44 per cent of the company. If the preliminary agreement with Shenzhen Metro’s were to proceed, Vanke could gain support from shareholders representing more than 40 per cent. Mainland media reported that Baoneng borrowed heavily to fund the takeover, and that the extended trading suspension will put financial pressure on the group. Vanke’s Hong Kong-listed shares ended 3 per cent higher on Thursday at HK$19.90.