China's property giant Vanke said on Tuesday it has received regulatory approval to convert its Shenzhen-listed B shares to Hong Kong-listed H shares.

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Analysts said the move will facilitate Vanke's financing from the overseas market, when the property industry in China is cooling and domestic banks are tightening credit.

Vanke said in Tuesday's announcement that the company is arranging a third party to offer cash options to all shareholders of Vanke's B shares. The price is set at HK$12.91.

Vanke will become the third Chinese company, Wall Street Journal said, to successfully transfer its listing to the more active Hong Kong market.

The company first announced plans to convert its Hong Kong dollar-denominated B-shares to the Hong Kong exchange in January 2013, as it kicked off expansion plans offshore.

B shares are stocks listed in China, generally denominated in foreign currency, and open to investment by non-Chinese. Vanke's A shares will continue to be traded on the mainland.

The lack of liquidity of China's B shares has triggered many companies to look at shifting their shares to the Hong Kong market, but the regulator has been cautious with approvals.

In addition to its B shares and yuan-denominated A shares, Vanke has a Hong Kong-listed unit called Vanke Property (Overseas).