China Vanke, the country's largest publicly traded property developer, said Monday it is investigating potential problems in its wood flooring after netizens accused the company of using substandard material.

Tan Huajie, secretary of China Vanke's board of directors, said at a press briefing that the property developer purchased and used wood flooring made by A&W (Shanghai) Woods Co. for 29 construction projects in 16 cities, including Beijing, Shanghai and Guangzhou.

Yu Liang, president of China Vanke, said the wood flooring involved is worth 130 million yuan (20.7 million U.S. dollars) and that the company will take responsibility for it if there are any quality problems.

China Vanke has started quality checks on its stock of the flooring materials and the results will be published at the end of the month.

An online post published on Thursday claimed that the flooring is substandard and contains excessive levels of cancer-causing formaldehyde.

Hui Xiaowei, vice president of A&W (Shanghai) Woods Co., denied the allegation on Friday, saying at a press conference that all the wood flooring sold by the company is up to national standards.

The bureau of quality supervision, inspection and quarantine of Shanghai's Qingpu district said Monday that it has launched an investigation into the case, with results expected later this week.