It all started when Pan Shiyi, a real estate tycoon chairman of Soho China, he wrote in his blog that to commemorate Steve Jobs, Apple should put its i-phones on sale in China at 1000 renmimbi each (113 euros).
To which a journalist, speaking of the Chinese exasperation with skyrocketing house prices, suggested that when President Pan passes away, he leaves instructions for sell houses at the price of 1000 renmimbi per square meter: One billion Chinese will remember him fondly.
This blog exchange has become immensely popular on the Chinese web, and many have since ridden the “1000 renmimbi” making it a new unit of measure and calling it Pan: Real estate companies such as Tianjin Jinpu Weiye Realty have begun listing apartments for sale "starting at 8.8 Pan per square meter" (1012 euros), and Wuhan Rongsheng Real Estate Development has put up billboards promising apartments "starting at 5 Pan ”.
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