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FILE PHOTO: Employees walk past a logo of Vanke at its headquarters in Shenzhen, south China Analysts were expecting a profit of 21.1 billion yuan according to Thomson Reuters SmartEstimate data. 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. "The group sincerely hopes that the shareholding issue will be resolved as soon as possible, allowing the group to be back on track for normal operations and creating larger values for shareholders and the society," the company said in a statement to the Hong Kong stock exchange. In a statement to the Shenzhen stock exchange on Sunday, Vanke said Baoneng had promised to maintain Vanke's independence and would not use its position to hurt the developer's interests. Net profit for 2016 rose 16 percent to 21 billion yuan, while revenue stood at 228.9 yuan, representing a year-on-year increase of 24 percent. "This year, the central government will continue to implement policies according to cities to prevent market overheating and begin formulating long-term mechanisms for the promotion of steady and healthy development of the property market," Vanke said. Beijing has been stepping up efforts to cool the property market on concerns about a bubble. Measures have included raising home purchase requirements and imposing price limits on sales.




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Ricciardo is expected to again be among the leading contenders, and he's back on his home track feeling content with progress over the off-season. He placed fourth in Melbourne last year, but improved during the season and won the Malaysian GP, got his first pole position and picked up seven other podium finishes. The 27-year-old Australian said winter testing at Red Bull, alongside teammate Max Verstappen, had been the best he'd been involved with. He said he was less than a half second behind the Mercedes. "Testing is never really a clear picture. I expect Ferrari and Mercedes to be quick and I hope we can be with them as well," he said. "We're coming here pretty confident." The newly developed F1 cars have tires which are 25 percent wider, have more grip and crucially are more durable, enabling drivers to push harder and limiting the cyclical pit stop strategy that made many races easy to call. Ricciardo produced the fastest lap in the 2016 Australian GP and predicts his new Red Bull vehicle is 40 kph (25 mph) faster through corners. "We've gone from 220 (137 mph) to 260 (162 mph), so that's a big difference and that's more fun for sure," he said.

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