In the first-tier cities of Beijing and Shanghai, average commercial property supply per capita has reached a high level that is equivalent to that of developed nations, according to Hui.

"We believed the company would be in a dilemma during its transition because of tightening capital flow, while the sale of the two less premium projects would effectively ease the company's capital requirements," said a report from China Real Estate Information Corp.

In its earnings statement, Pan also expressed his concern about expensive land prices, saying the creation of "land kings" one after another is a deviation from normal market rules.

Pan added the company will continue to focus on the development, leasing and operations of prime office properties in central Beijing and Shanghai.

Land sales across the nation hit a record high in 2013, with the transaction amount in 300 cities exceeding 3 trillion yuan, rising roughly 50 percent from 2012, according to data from China Index Academy, a research body with the nation's biggest real estate website, SouFun Holdings Ltd.

Beijing, Shanghai, Guangzhou and Shenzhen sold a combined 144.33 billion yuan worth of land in the first two months this year, an 84 percent year-on-year increase, data compiled by property agency Centaline show.

In an effort to tame the land market fever, the municipal government of Shanghai has set a limit on the city's total area of construction land at 3,226 square kilometers by 2020, which means new construction land will not exceed 150 sq km, according to newly released guidelines on improving land-use efficiency.

The 3,226 sq km accounts for 48 percent of the city's total land area, a ratio higher than that of London, Paris or Tokyo, reported Xinhua News Agency, citing the city's guidelines.

The guidelines call for limiting the total area of new construction land, activating existing construction land and boosting land-use quality. Insiders said there is no need to worry about a sudden decline in land supply because there are land-use quotas that have not yet been activated.

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