When we started out, we were among the first. Beijing had no and Shanghai had very few large buildings. At that time, it was all about building, building, building - and then selling, selling, selling. We were working like a manufacturer. Soon, however, we realized that land was running out in Beijing and Shanghai. So we started keeping our buildings, and managing and renting them out. We became landowners. That was the second act.

But the higher our standard of living, the higher our levels of education, the further people will look around. And we can see which level of openness other societies enjoy. We are no different - we too want more freedom. The question is: How much freedom will be allowed?

I have a profound dislike for showing off one's material wealth. This is insensitive and it is not what human hearts are made for. But what I like about China and sometimes miss in Europe is the entrepreneurial spirit of our young people, their ambition and dynamism.

China's economy became more complex. By now there is a large number of small- and medium-sized companies that work quite differently from big, state-owned enterprises. They don't follow any long-term business plan and don't rent office space for years to come. They start out and need an office right away, for a week, a month or half a year, and they want to be among other entrepreneurs like themselves.

When we started out, we didn't really think that the era of great opportunity would end one day. We were much too busy developing our companies. But in today's China you can build a city, even a mega-city like Beijing or Shanghai, within 10 or 15 years. And then you are done. So in real estate development, the Gründerzeit is over. But that is not the case in other sectors.

I used to ask myself why American universities are financed through endowments. Now I know: During the early days of America, the state was poor and when citizens wanted to set something up, they needed to collect money themselves. Historically, this was different in Europe. There used to be a strong state, a monarch or a king. He provided money.

On the one hand the world is getting more integrated and we should not dismiss social values as "Western" when they are actually modern values. On the other hand, individual countries have their own history and their own evolution. Trade unions, for example, don't play the same role in China as they do in Europe or the US.