SOHO selling Shanghai properties to 'rebalance'

SOHO China Ltd Chairman Pan Shiyi said in a micro blog posting that the company is rebalancing its portfolios in Beijing and Shanghai, indirectly confirming media reports that the company is selling some properties in Shanghai.

Media reports said that Hong Kong-listed SOHO China had put three projects up for sale in Shanghai - two commercial projects (Hongkou SOHO and SOHO Hailun Plaza) and one commercial-residential project (SOHO Jing'an Plaza).

"We are doing business, and selling is as normal as buying.Don't read too much into the matter," Pan wrote, apparently aiming to quash speculation that the transactions represented a flight from the increasingly pricey domestic property market.