China Vanke Co Ltd, the largest property company by market value in China, plans to move its foreign-currency B-shares from Shenzhen to Hong Kong.

According to a statement released on Jan 18, Vanke is planning to convert its B-shares — the Chinese mainland shares with prices in foreign currencies — by listing them in the Hong Kong stock market.

Vanke hopes to attract more global investors with the move, said Yu Liang, president of Vanke.

The company will arrange a group of third parties to provide cash options for all shareholders during the move to protect their rights.

The third parties are: China Resources (Holding) Co Ltd, the Government of Singapore Investment Corp and Hillhouse Capital Management Ltd.

Vanke said the price of the cash options is set at HK$13.13, which is a 5 percent premium over the closing price of HK$12.50 on Dec 25.

According to the regulations of the Hong Kong stock exchange, if the application for cash options exceeds one-third of total B shares, the options will be canceled.

The company said the plan is pending approval from Vanke's shareholders and regulators, and also needs approvals from the China Securities Regulatory Commission and the Stock Exchange of Hong Kong.