China Vanke, the mainland’s largest home builder, said it would announce a restructuring plan in mid June and its shares would resume trading in Shenzhen by the end of the month, as it continues to battle a hostile takeover. In an investor meeting held Friday, Vanke senior vice president Tan Huajie said he expected the company would announce a restructuring “pre-scheme” by mid month and would then have to wait 10 working days for a reply from the Shenzhen Stock Exchange. Based on that timetable, Vanke’s shares in Shenzhen are likely to resume trading by the end of June or early July. The Shenzhen-based developer has signed a preliminary agreement with state-run subway operator Shenzhen Metro in which the latter would become a major shareholder after Vanke acquires up to 60 billion yuan (HK$70.8 billion) worth of property projects owned by the subway operator. The move is seen as a bid to block conglomerate Baoneng’s hostile takeoverof Vanke. As land cost surges, it is a good way to obtain land through cooperation with subway operators Tan Huajie, Vanke senior vice president “All the major shareholders have agreed with the cooperation,” Tan said, “As land cost surges, it is a good way to obtain land through cooperation with subway operators.” Trading in Vanke’s Shenzhen shares have remained suspended since December. In an earlier announcement, Vanke said the trading suspension would continue no later than June 18. But China Resources, Vanke’s second largest shareholder, complained that Vanke didn’t inform them of the deal before the developer signed the agreement with Shenzhen Metro, which China Resources says is non-compliant, further complicating the battle for control of Vanke. Baoneng became Vanke’s largest shareholder in early December with a 24.26 per cent stake, which could be diluted to 19 per cent by the possible share issuance to Shenzhen Metro. Vanke’s Hong Kong shares resumed trading on January 6 and closed on Thursday at HK$18.48, 19 per cent lower than on December 18 when trading in its shares was halted both in Hong Kong and Shenzhen pending a material asset restructuring. The source of the timing for a resumption of trading originally attributed to a Vanke official in the third paragraph was changed to “based on that timetable”.