Shares of China Vanke Co, the country's largest residential real estate developer by sales revenue, plunged 10.64 percent to HK$17.62 ($2.27) on Monday, extending a losing streak of four trading days that saw its stock price fall 23 percent.
Shenzhen-based Vanke's shares resumed trading in Hong Kong on Wednesday. The company suspended trading of its shares on the Hong Kong and Shenzhen markets on December 20, 2015, pending a restructuring plan.
Founder and Chairman Wang Shi is locked in a takeover battle with the company's chief shareholder, Baoneng Group, which is also based in Shenzhen, South China's Guangdong Province. Wang is mulling a restructuring plan to reclaim control of the company, according to a company statement.
Vanke is scheduled to disclose its restructuring plans by January 18.
Amid the ownership struggle, Vanke's shares on the Shenzhen bourse climbed for most of December, closing at 24.43 yuan ($3.71) on December 18, a 5-year high.
With a stake of more than 24 percent in Vanke, Shenzhen-based Bao-neng Group and its affiliates have replaced China Resources Co as Vanke's largest shareholder, a development opposed by Vanke's executives.
Two other major shareholders of Vanke, Anbang Insurance Group and Value Partners Group, have increased their holdings, according to media reports in December.
Vanke is the world's largest listed property company by market value.
Its sales rose 21.5 percent in 2015 to 261.47 billion yuan. Sales area rose 14 percent to 18.06 million square meters, the company said on January 4.
Sales have grown 20 percent annually for three consecutive years, according to media reports.
