Recently, Pan Shiyi and his wife Zhang Xin, who had been out of the public eye for a long time, made headlines after Zhang posted a photo on social media showing the couple smiling against the autumn backdrop of New York. The image painted a picture of serene contentment, but some found their cheerful expressions particularly "jarring" in the current context.

Why? Because none of China's real estate tycoons are faring well. Xu Jiayin, for instance, has been detained for over two years. The Yang family behind Country Garden is still struggling to repay debts. Even Wang Jianlin, once considered the most successful, has visibly withered under the weight of Wanda's liabilities. Wang Shi, long retired, has also been affected by Vanke's troubles, losing millions in pension funds.

In stark contrast, Pan Shiyi and his wife face no debt burdens or personal restrictions. With over 30 billion yuan reportedly transferred from China, they are living lavishly in the U.S.

But let’s be honest—their smiles aren’t the real issue. If you think all Chinese real estate moguls are drowning in debt and misery, think again. Corporate debt doesn’t touch their personal wealth. Pan and Zhang may have extracted over 30 billion, but others have taken even more. Xu Jiayin’s family, for example, reportedly pocketed over 50 billion in dividends alone, with total gains possibly nearing 100 billion. The Yangs of Country Garden took over 40 billion in dividends. Even Vanke, with its dispersed equity structure, has left its executives well-fed.

Critics label Pan and Zhang as "self-serving elites" for profiting in China and spending abroad, notably donating $25 million to Harvard and Yale while contributing little domestically. Yet compared to tycoons who hollowed out companies and left unfinished projects—trapping homebuyers—Pan’s clean exit seems almost commendable.

Public anger isn’t about where the wealthy spend their money but about those who collapse companies, leaving ordinary people stranded. Many so-called philanthropists donate corporate funds (or even borrowed money), not personal wealth. Xu Jiayin, for instance, was hailed as "China’s top philanthropist" five times—but the donations came from his company, not his pocket.

As for offshore assets, Pan and Zhang are hardly alone. Even socially conscious entrepreneurs like Jack Ma (with a U.S. mansion and French vineyard) and Richard Liu hold overseas wealth. Their smiles reflect personal choices, but those who enrich themselves while bankrupting companies should be held accountable—to repay the losses they’ve inflicted on the public.