* Vanke posts 19 pct rise in core profit to 20.9 bln yuan
* Shares slide 4.6 pct in HK as profit lags analysts'
* Vanke president says Shenzhen Metro supports mixed
(Adds company comment, share performance)
By Clare Jim
HONG KONG, March 27 Property giant China Vanke
Co , the subject of a protracted battle for
boardroom control, said on Monday it has no time frame set to
select a new board as various parties are discussing proposals,
although the makeup of its board is a key focus.
Company Secretary Zhu Xu made the comments after Vanke
reported on Sunday a 19 percent rise in 2016 core profit to 20.9
billion yuan ($3.04 billion), helped by record sales, but missed
analysts' estimate of 21.1 billion yuan, according to Thomson
The company's Hong Kong-listed shares fell 4.6 percent.
The tenure of Vanke's current board members expires this
month. The company has yet to set a meeting to elect new
directors but its rules allow the current board to serve until a
new one is formed.
The property giant has been in crisis since late 2015 as
financial conglomerate Baoneng Group built up a 25 percent stake
to become its largest shareholder and sought to oust management.
But last week Vanke said state-owned Shenzhen Metro Group, a
key ally, became its largest shareholder in terms of voting
rights after a proxy agreement with its third-biggest
shareholder, paving the way for the metro operator to take
control of the homebuilder.
Vanke said in a statement on Sunday Baoneng had promised to
maintain Vanke's independence and would not use its position to
hurt the developer's interests.
Vanke President Yu Liang said on Monday Shenzhen Metro will
also support the developer's mixed ownership.
"As a cornerstone investor, it will support Vanke's
development. If Vanke hasn't done anything wrong with its
management, there's no reason to change," Yu said when asked
about Shenzhen Metro's growing influence inside Vanke.
"In China's Tier 1-2 cities, 'railway plus property'
strategy will be a major model... some countries in One Belt,
One Road have also invited us to explore railway opportunities,"
he added, referring to China's New Silk Road plan.
The company said China's property sector tightening would
help sustain healthy development, and the latest measure - to
curb the purchase of new commercial property in Beijing by
individuals - would have little impact on its commercial
Beijing has stepped up efforts to cool the market, raising
home purchase requirements and imposing price limits.
Vanke reported 16 percent rise in 2016 net profit to 21
billion yuan and a 24 percent rise in revenue at 228.9 billion
($1 = 6.8803 Chinese yuan)
(Reporting by Clare Jim; Editing by Anne Marie Roantree and