China: Fallen Chinese tycoon Zhou Zhengyi to be given early release from prison after sentence for corruption is cut

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.

The original full article can be found at scmp.com

(Picture: Handout)

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