Shanghai property tycoon Zhou Zhengyi was released from prison
Friday after completing a three-year sentence for fraud and stock
manipulation.
Zhou, former president of Shanghai-based property firm Nongkai
Development Group, was arrested and charged in May 2003.
Also known as Chau Ching-ngai, he was convicted and sentenced at
the Shanghai No. 1 Intermediate People's Court in June 2004 for
falsifying registered capital reports and share price
manipulation.
Shanghai Nongkai Development Group was ordered to pay 40 million
yuan (US$4.82 million) in fines for manipulating share prices and
falsifying capital reports.
Zhou was ranked 11th in Forbes magazine's 2002 list of
the 100 richest people in China with an estimated personal fortune
of US$320 million.
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(Xinhua News Agency May 27, 2006)