(Yicai Global) Feb. 26 -- China Vanke, the country's biggest real estate developer, must nurture new businesses as the residential property market looks highly uncertain in 2019 after many years of rapid growth, according to its chairman.

Experience shows that property development will remain Vanke's main source of income, profit and cash flow for the next 10 years, Yu Liang told employees at an internal meeting in December, according to a press release posted on the company's official WeChat account yesterday.

He also proposed combing through Vanke's CNY1.5 trillion (USD224 billion) in assets, pruning out idle resources and those without potential. The Shenzhen-based company should then re-allocate resources to businesses that have better prospects for future growth, Yu said.

Though he repeatedly warned of the realty sector's predicament, Vanke's sales reached CNY607 billion last year, its highest-ever annual income.

China's urbanization process is still continuing, Yu said, addressing the firm's future development focus. The second stage -- the emergence of megacities -- has already begun, he added.

Exemplifying this trend are the Greater Bay Area that encompasses Guangdong province, Hong Kong and Macao, the integrated Yangtze River Delta Economic Zone, the Jingjinji Metropolitan Region of Beijing, Tianjin and Hebei province, and other conurbations around central cities, he said.

This process of consolidation still offers great opportunities, Yu added. China's home rental market also has much space for growth, he said.

Editor: Ben Armour