Chinese real estate developers have discovered an alternative to the renminbi, China’s currency, as they begin to advertise properties priced in “Pan”.
The new denomination is in fact a reference to Pan Shiyi, chairman of Soho China and one of the country’s most prominent property tycoons, used in a marketing trick that plays on public frustration with high housing prices.
In a microblog post this month, Mr Pan jokingly proposed that Apple should start offering its mobile phones for Rmb1,000 (US$157) each. Such an offer, he said, would endear millions of Chinese to Apple and its recently deceased chairman, Steve Jobs.
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