“Hong Kong journalists have asked me how I see the prime minister’s remarks that real estate prices have not gone down to reasonable levels. I said SOHO is not your average developer. It is involved mainly in the development of office buidlings. When the premier said that real estate prices were not in line with incomes, he was referring to residential property prices. We have always thought that housing prices were too high vis-a-vis rental returns and household incomes. This is what we’ve said, and we’ve also acted in line with this belief. In the last few years, we have not bought any land for residential use.”
— Real estate mogul and SOHO China founder Pan Shiyi on Prime Minister’s Wen Jiabao’s remarks that real estate prices are not down to reasonable levels.