Zhou Zhengyi, a former Shanghai property tycoon who just completed a three-year sentence in May, is under house arrest in Shanghai, Hong Kong magazine Ya Zhou Zhou Kan said.
Zhou had been managing to obtain visas to southern American countries, the magazine said. Zhou almost made his way to south America before he was detained for being implicated in economic crimes of senior Shanghai officials.
Zhou was once named China’s 11th richest man with an estimated personal fortune of $320 million. He is widely considered a close ally of Chen Liangyu.
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