CHINA Vanke Co., the country’s biggest real estate developer, is planning a major restructuring and will disclose details within 30 days.

    Vanke’s Shenzhen and Hong Kong-listed shares were suspended from trading Friday afternoon, after a war of words broke out between Vanke chairman Wang Shi and its biggest shareholder, a group backed by Baoneng Group, over control of the company.

    Vanke said in a statement yesterday that the company would disclose details of the restructuring plan before Jan. 18, 2016, should the board fail to convene or if the Shenzhen Stock Exchange doesn’t approve an extension of the trading halt. The share suspension would shield investors from possible fluctuations in prices due to uncertainty, it said.

    The announcement comes after Wang said “see you Monday” in a posting Saturday on his Weibo account and Baoneng defended its reputation in an exchange filing. Wang removed the Weibo post hours after publishing it.

    Vanke said in the statement that after its shares resume trading, it wouldn’t seek a suspension again within three months for the purpose of asset restructuring. It’ll urge intermediaries including independent financial advisers and valuers to speed up their work and will disclose restructuring documents according to the expected time frame, it added.

    “This could potentially be a counterattack by Vanke to Baoneng,” said David Hong, a Hong Kong-based director of China Real Estate Information Corp. “Vanke may try to introduce a third-party investor.”

    Vanke, which develops residential properties in Shenzhen, Shanghai, Beijing and other big Chinese cities, is the world’s largest listed property company with a market capitalization of more than US$40 billion.

    Baoneng Group replaced China Resources Co. as its largest shareholder this month, prompting the rare public spat. The suspension of trading, pending a share sale, has sparked speculation Vanke is seeking to dilute Baoneng’s ownership.

    Wang said Vanke doesn’t welcome Baoneng and its affiliates, which lack credibility and may have a negative impact on Vanke’s credit ratings and reputation, according to a transcript of an internal meeting.

    Baoneng said in a statement on its website Friday that it has a good reputation, follows the law and believes in the power of the market. (SD-Agencies)