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But internet advertisers don't pay nearly what the majestic department stores used to pony up for full pages in big-city dailies. Online news outlets also have sustained layoffs, just not as severe as papers.

But a near 2 percent gain for Amazon and Apple at the start of a big week for technology earnings, helped the Nasdaq gain and lifted the S&P technology sector more than 1 percent.

But it was not all good news. The iPhone-maker missed Wall Street's estimate of shipping 41.79 million devices for the quarter. In addition, on Tuesday Apple lost its position as the world's No 2 smartphone vendor to Chinese smartphone maker Huawei Technologies Co Ltd, according to International Data Corp and IHS Markit.

But Rui cautioned that Chinese people still need to walk away from the traditional concept of buying insurance as a financial investment, and start to truly embrace the idea to prepare for a rainy day.

But ask the genial 82-year-old how he managed to accomplish this rags-to-riches feat, and he’s unlikely to wax lyrical about the poetics of space, or how light and architecture share a symbiotic relationship in design.