China Vanke Co, the country's largest developer by sales volume, said on Monday it plans to repurchase up to 10 billion yuan ($1.61 billion) worth of A shares to protect investor interests after markets plunged 30 percent since mid-June.
China Vanke, which has a market value of $25 billion, said in a statement to the Hong Kong stock exchange the proposed price of the repurchase of A shares should be up to 13.70 yuan per share, the closing price of the stock on Friday.
Vanke shares closed up 8.61 percent on Monday to 14.88 yuan at the Shenzhen bourse.
