Ren Zhiqiang, tycoon who headed state property firm, jailed for 18 years

Tuesday, September 22, 2020

Former property mogul Ren Zhiqiang was sentenced to 18 years in jail and fined 4.2 million yuan for corruption, bribery and embezzlement of public funds, as well as abuse of power as a state-owned company employee, state media reports.

The former chairman of Huayuan, a state-owned real estate group, has been known to criticize President Xi Jinping.

Beijing No. 2 Intermediate Court announced the sentencing on its website, Reuters said.

In July, Ren was accused of seriously violating the party’s political, organizational, integrity, work and life disciplines. According to an announcement on the website of Beijing Xicheng district discipline inspection and supervision committee, stte media reported at the time that Ren was expelled from the party and his illegal gains confiscated.