China's largest residential developer Vanke is planning to buy back as much as ten billion yuan or some 1.6 billion U.S. dollars of its A shares.

The decision comes as regulators imposed more measures to stem the market plunge.

Similar decisions have been made among board members, executives and controlling shareholders of more than 20 listed Chinese firms.

Vanke plans to repurchase its Shenzhen-listed shares at no more than 13.7 yuan or about two dollars twenty cents each, which is the previous closing price last Friday.

The developer will also repurchase no less than 6.6 percent of its total issued stocks, assuming a full amount of repurchase.