Beijing real estate mogul Ren Zhiqiang sentenced to 18 years in prison for corruption and bribery – BBC News



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Ren Zhiqiang is a well-known real estate entrepreneur in China, he was once elected as a representative of the Xicheng District People's Congress in Beijing and a member of the Beijing CPPCC.

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Ren Zhiqiang is a well-known real estate entrepreneur in China, he was once elected as a representative of the Xicheng District People’s Congress in Beijing and a member of the Beijing CPPCC.

The Second Intermediate People’s Court in Beijing issued a first instance verdict on Tuesday (September 22) on the suspected corruption and bribery case of real estate mogul Ren Zhiqiang, convicted of corruption, bribery, misappropriation of public funds and abuse of power by part of the personnel of the state-owned company and sentenced him to a fixed-term prison term. For 18 years, he was fined 4.2 million yuan (RMB, the same below).

Ren Zhiqiang is a Chinese real estate businessman and the famous “Second Red Generation” of the Chinese Communist Party. Earlier this year, he wrote harshly criticizing Chinese leader Xi Jinping. His friends once said that the CCP’s handling of Ren Zhiqiang was “political persecution.”

Convicted of four charges and sentenced to 18 years in prison

The Second Intermediate People’s Court of Beijing announced that on Tuesday, the former president of Beijing Huayuan Group Co., Ltd., Ren Zhiqiang, was sentenced to corruption and other crimes.

According to the notice, the court determined that from 2003 to 2017, Ren Zhiqiang used his position to embezzle more than 49.74 million yuan in public funds; accepted bribes for more than 1.25 million yuan; embezzled public funds worth 61.20 million yuan; abused its power and caused particularly serious losses to state holding companies 1,167 More than 100 million yuan, including the loss of ownership of state shareholder Huayuan Group of more than 53.78 million yuan, and Ren Zhiqiang’s personal profit of more than 19.41 million yuan.

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