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FILE PHOTO: Employees walk past a logo of Vanke at its headquarters in Shenzhen, south China The nation's second-biggest home builder said core profit, which excludes revaluation gains, rose to 20.9 billion yuan ($3.04 billion) from 17.6 billion yuan in 2015. 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. Chinese developers China Overseas Land & Investment Ltd (0688.HK) and Country Garden Holdings Company Ltd (2007.HK) last week reported solid growth in 2016 but said there might be challenges for sales in some areas this year due to steps taken by the government to rein in the market.




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Related: Scott Morrison launches review of national disability insurance scheme His support plan includes funding for transport, which, as he is unable to drive or take public transport by himself, means catching a taxi. He often shares with other people travelling in from Moriac, reducing the fare. In 2015, when McGarrigle began his third individual care plan under the scheme, the NDIA provided his mother and unpaid carer, Michelle McGarrigle, $8,000 to cover transport costs just over half of the $15,850 annual cost of a daily taxi. That was later increased to $11,850, or 75% of the annual cost. McGarrigles family challenged the funding allocation in the administrative appeals tribunal. The tribunal found that transport to and from McGarrigles disability support program and employment placement was a reasonable and necessary support, as defined in the National Disability Insurance Scheme Act , but that covering only 75% of those costs strikes an appropriate balance between what is reasonable and necessary for him and the overall financial sustainability of the NDIS. Victorian Legal Aid lawyer Shelley Landmark appealed the tribunals decision in the federal court, arguing that once the NDIA had decided a support or service was reasonable and necessary it could not, under the wording of the legislation, offer only partial funding. The federal court judge Debra Mortimer, handing down her decision at in Melbourne on Tuesday, agreed, finding the tribunal had erred in law in allowing partial payment. Once a decision is made that the support, as identified and described, is reasonable and necessary, then subject to the other requirements [in the act], the scheme requires and contemplates that support will be funded, she wrote in a published judgment.

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