Fallen Chinese tycoon Zhou Zhengyi to be given early release from prison after sentence for corruption is cut
- Property magnate was once described as Shanghai’s richest man but was sentenced to 16 years in prison in 2007
- Businessman, known as Chau Ching-ngai in Hong Kong, is still on city’s wanted list but there is no extradition arrangement in force
A prominent Chinese tycoon who was jailed for 16 years for bribery and embezzlement will be released in less than two months, after having more than two years shaved off his sentence.
Zhou Zhengyi, also known in Hong Kong as Chau Ching-ngai, was once named the richest man in Shanghai and the 11th richest in mainland China, with an estimated net worth of US$320 million.
Born into a working class family in Shanghai in 1961, Zhou amassed enormous wealth from property development and stock market speculation on the mainland and Hong Kong as the Chinese economy started to boom.
But corruption was a persistent problem during China’s decades of breakneck growth and Zhou was one of the first high-profile figures to be jailed.
According to a court document released earlier this year, Zhou has secured three separate reductions to his sentence since 2013. He is now expected to be released on September 20.
