China Real Estate Business: After the project in Dalian started construction and land was acquired in Shenyang, will Eton Properties Group continue its investment in Northeast China?

Patrick Wong: Yes, we want very much. Currently, we will concentrate on Liaoning's Shenyang and Dalian at first and later on we will go to other two provinces. Anyway, we will go to other regions, too, central China for example. Northeast China is full of potential and has good infrastructure. The hardware is no problem, but the problem is software – people's mindset. Northeast China has very good condition, so it needs further development.

China Real Estate Business: What is the standard of the cities Eton is going to enter at next step?

Patrick Wong: In addition to Beijing and Shanghai, we will select some central tier-2 cities. We may say we learned lessons in Beijing, gathered speed in Shanghai and now spread over to all directions. Tier-2 cities have more opportunities and we may undertake some larger projects. Beijing and Shanghai are becoming similar to Hong Kong. You can hardly find any opportunities for developing landmark buildings.

China Real Estate Business: How fast will Eton expand in China?

Patrick Wong: Our requirement is high. Some things are different from native standards. We will not compromise in many things, so the speed won't be high. Nevertheless, the overall policy environment has kept changing in the recent years. It is good for us because many things become clear. If they are not clear, we will suffer. 

China Real Estate Business: What is the ratio between the residences and commercial properties of Eton?

Patrick Wong: The ratio of apartments will not exceed 30%-40%. We hope we can focus on commercial real estate.

China Real Estate Business: Is it because commercial real estate may bring continuous income?

Patrick Wong: It is one reason, but the main reason is that commercial real estate is more influential and we are advantageous in this field. We may introduce the advanced foreign practice into China. Meanwhile, we are making effort in localization. For instance, Yang Xiaoping, former Vice President of Hopson Development Holding Limited currently has joined Eton and now is responsible for business development in Northeast China and North China.

(Excerpt from China Real Estate Business published on August 6, 2007)