London Daily

Focus on the big picture.
Tuesday, Oct 21, 2025

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

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-nai 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 an 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 in on September 20.

The court said Zhou had confessed to his crimes, showed remorse and behaved well in education and labour sessions at the Qingpu prison in Shanghai.

Zhou is still wanted by Hong Kong’s anti-corruption agency, but the former British colony, which has a separate legal system, currently has no extradition deal to bring suspects from mainland China.

Zhou was found guilty in 2007 for giving more than 1 million yuan (US$133,000) in bribes to government officials and state company employees, embezzling 200 million yuan from a company and forging 1.2 billion yuan in tax invoices.

The court said Zhou qualified for a lighter sentence because he had admitted his guilt, cooperated with the authorities and returned the funds. The maximum possible sentence for his crimes was death.

He had already spent three years in jail between 2003 and 2006 for stock market fraud and falsifying financial records, a sentence that at the time the South China Morning Post reported was lighter than expected.

It later emerged that he had bribed staff at the jail to give him favourable treatment. Four prison officials were later sentenced to up to 11 years in jail.

Zhou’s spectacular rise and fall offered the public a glimpse into corruption in China’s financial and political system.

In the years after his downfall, a number of other Chinese tycoons and top officials were jailed, especially under Xi Jinping’s anti-corruption campaign.

It was suggested at the time that Zhou’s case was linked to that of former Shanghai Communist Party chief Chen Liangyu, who was jailed for 18 years for corruption in 2008.

The tycoon's personal life received much media attention on both the mainland and Hong Kong, where he sometimes featured in gossip columns for his friendships with other tycoons and celebrities and bought luxury properties.

His wife, former socialite, Mo Yuk-ping also served jail time in Hong Kong on charges of conspiracy to defraud and perverting the course of justice.

Zhou remains on the wanted list of Hong Kong’s anti-corruption agency, the Independent Commission Against Corruption, on suspicion of conspiracy to defraud the shareholders of Hong Kong-listed companies.




Newsletter

Related Articles

0:00
0:00
Close
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
DJI Loses Appeal to Remove Pentagon’s ‘Chinese Military Company’ Label
EU Deploys New Biometric Entry/Exit System: What Non-EU Travelers Must Know
Australian Prime Minister’s Private Number Exposed Through AI Contact Scraper
×