I got this problem when publishing a cocos2d-x application using their command line tool, which calls MSBuild. I’m using Win 7 64-bit, VS2013 express, cocos2d-x version 3.3, .NET Framework 4.5 installed.
I fixed the problem by setting the following before running the cocos.py publish command:
SET VCTargetsPath=C:\Program Files (x86)\MSBuild\Microsoft.Cpp\v4.0\V120