From Bloomberg:
Zhou Zhengyi, the Shanghai property tycoon once ranked China’s 11th-richest man, was jailed for 16 years after being convicted of bribery and forging tax receipts.
The Shanghai No. 2 Intermediate People’s Court sentenced Zhou today, his lawyer Xu Lanting said, declining further comment. He was also fined 3.35 million yuan ($454,000), Caijing magazine reported today, citing court documents.
Zhou was detained in October 2006 amid a corruption crackdown that led to the dismissal of Shanghai’s Communist Party chief Chen Liangyu a month earlier. President Hu Jintao has fired and jailed a series of senior government officials and company executives as he seeks to prevent corruption from derailing the nation’s economic boom and spurring unrest. [Full Text]
Read also Shanghai property tycoon gets 16 years in jail by Xinhua.
