Quotable

"Real estate prices in first-tier cities like Beijing and Shanghai will keep rising as the administrative structure is keeping high-quality resources there. The price rise is part of a regular market pattern."

Li Tie, director for the China Center for Urban Development, a think tank under the National Development and Reform Commission, said at an economic summit in Beijing on Wednesday that China's first-tier cities are not facing property bubbles, and real estate prices in those cities will continue to rise.