CHINA Vanke Co., the country’s largest property developer by revenue, has obtained the Hong Kong stock exchange’s approval to convert its Shenzhen-listed B shares to Hong Kong-listed H shares.

    Shenzhen-based Vanke said in a statement Friday that shareholders of the firm’s Hong Kong dollar-denominated B shares can choose to cash out or transfer their shares to H shares.

    If more than a third of the shareholders choose to cash out, the share conversion plan would be shelved and the firm’s B shares will continue to trade on the Shenzhen Stock Exchange, Vanke warned.

    Vanke first unveiled plans to move its B shares to the Hong Kong in January 2013, as it kicked off expansion plans offshore. The firm got approval from the China Securities Regulatory Commission for the conversion in March.

    Analysts said the B-share conversion could enhance Vanke’s name globally and help the company tap the overseas market, when the property industry on the mainland is cooling and domestic banks are tightening credit.

    Shenzhen-based China International Marine Containers was the first company to successfully convert its Shenzhen-listed B shares into H shares in December 2012, followed by Livzon Pharmaceutical Group in January this year.

    (SD-Agencies)