China Vanke Co. Ltd. does not have a definitive timeline for the election of a new board of directors, according to company secretary Xu Zhu, who made the statement in a March 27 earnings call.
The current board's term will expire in March.
"The re-election plan for the board is still in the works. Once we have a decision, we will inform everyone," Zhu said.
According to a Reuters report, the company not electing new members to the board as yet is a move seen to prevent a hostile takeover by Baoneng Group. The extended term complies with its company rules, which allow the current board to serve until China Vanke creates a new one.
Company President Liang Yu said that Shenzhen Metro Group, which became the company's second largest shareholder after a completed share transfer deal in January, supports the mixed ownership of China Vanke, according to the March 27 report.
Yu was also quoted by Reuters as saying that Shenzhen Metro would not see a reason to change up China Vanke's board if the company had not "done anything wrong with its management."