Vanke taking guarded property outlook

Developer China Vanke Co Ltd has an unfavorable view of this year's real estate market, and it will be "cautious" about buying land, company executives said.

"There could be a problem with China's real estate sector this year" because extremely high land costs have driven selling prices beyond the reach of many buyers, Executive Vice-President Mao Daqing said in a group interview over the weekend.

Based on recent land sales in Beijing, the selling prices of projects on those sites would reach 60,000 ($9,640) to 100,000 yuan per square meter.