Property developer China Vanke Co won investor approval for its proposed extension of the trading suspension in its Shenzhen-listed shares during an extraordinary shareholders meeting on Thursday.

As a result, the shares will not resume trading until June 18.

Tan Huajie, senior vice president of Vanke, explained during the Thursday meeting that the deal the company is pursuing would be the largest asset ­restructuring project that commenced in 2015.

Tan said the project is very ­complicated and involves a lot of preparatory work that cannot be completed before Friday.

It is the second time for Vanke to extend trading suspension in its Shenzhen shares since December 18, 2015 when the company halted trading of its shares in both Hong Kong and Shenzhen.

In January, the company sought to extend the trading halt in its Shenzhen shares, saying that it needed more time to work on its restructuring plan.

Trading of its Hong Kong shares resumed on January 6.

Also during the Thursday meeting, Chairman Wang Shi apologized for the misunderstanding caused by his earlier remarks, saying that Vanke welcomes private enterprises as its shareholders.

Wang said in December 2015 that he didn't welcome the idea of Baoneng Group becoming Vanke's largest shareholder because the company "lacks credibility," according to media reports.

Vanke's management, led by Wang, has been battling a hostile attempt by Baoneng since September 2015.

As of December 18, 2015, Baoneng owned 24.26 percent of Vanke, replacing China Resources Co as the largest shareholder in Vanke.