Li Ka-shing has two classic life maxims for dealing with the world: first, never squeeze out every last cent of profit—learn to take the good and stop when things are good; second, exit in advance before risks come, because once a crisis breaks out, it’s already too late to withdraw.

Pan Shiyi is someone who has understood these two lines of wisdom to the core. In his early years, he followed Li Ka-shing’s way of thinking, cashing out 300 billion yuan and stepping away early.

Now he is abroad, calmly looking back at the current state of China’s real estate industry.