Zhou Zhengyi
Encyclopedia
Zhou Zhengyi is a prominent businessman born and based in Shanghai
, People's Republic of China
. The flamboyant property
developer is described as the 11th richest man in China, with personal assets totalling US$320 million.
of Shanghai, Zhou started working at 17 without completing high school
. He opened up his own wonton
restaurant in Yangpu in 1978. In 1989, he opened up Meitong Restaurant (美通饭店) in Shanghai, and a karaoke
bar. He opened up the grand Ah Mao Boiled Food (阿毛燉品) in 1994, and trading building materials in Shanghai. Zhou's involvement in China's newly re-established stock markets and his trading in copper futures brought about his wealth, that enabled him to move into and capitalise upon the volatile Shanghai real estate
boom.
, called New Nongkai Global Investments, and 75% of a Hong Kong-listed investment company called Shanghai Land Holdings.
Zhou was detained in June 2003 and placed under investigation for illegally acquiring state land and bank loans. On June 1, 2004, he was sentenced to three years in prison for stock market fraud. This relatively light sentence has given rise to speculation that he is cooperating with authorities in other investigations, especially Chen Liangyu
, and then-Shanghai Mayor Huang Ju
.
Speculation on Zhou's arrest is centred upon high-level corruption
in Shanghai, which may involve protégés of China's former president, Jiang Zemin
. China's new leadership team of President Hu Jintao
and Wen Jiabao
may have decided to make an example of Zhou to embarrass Jiang Zemin's associates.
On October 23, 2006, the Independent Commission Against Corruption of Hong Kong obtained approval from a Hong Kong court to arrest Zhou for allegedly providing false information to the city's stock market regulators in relation to his acquisition of a listed company in 2002. In January 2006, Zhou's wife, Sandy Mo Yuk-ping, was sentenced to 3 years' imprisonment in Hong Kong for manipulating the price of Shanghai Land shares with the aim of defrauding investors.
Zhou was arrested again by Shanghai authorities on January 21, 2007, on charges of offering bribes and forging value-added tax invoices. He has also been charged with two other counts of bribery and embezzlement. In November 2007, He was sentenced to 16 years in prison by the Shanghai People's Intermediate Court.
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
, People's Republic of China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
. The flamboyant property
Property
Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation...
developer is described as the 11th richest man in China, with personal assets totalling US$320 million.
Biography
Born in a family of seven children in Yangpu DistrictYangpu District
Yangpu District , meaning "Poplar Bank", is one of the 19 districts in Shanghai. It is located in the northeast of Shanghai, bordering the Huangpu River on the east and south, Hongkou District on the west and Baoshan District in the north. The southern part of Yangpu District is only away from the...
of Shanghai, Zhou started working at 17 without completing high school
High school
High school is a term used in parts of the English speaking world to describe institutions which provide all or part of secondary education. The term is often incorporated into the name of such institutions....
. He opened up his own wonton
Wonton
Not to be confused with WantonA wonton is a type of dumpling commonly found in a number of Chinese cuisines.-Filling:...
restaurant in Yangpu in 1978. In 1989, he opened up Meitong Restaurant (美通饭店) in Shanghai, and a karaoke
Karaoke
is a form of interactive entertainment or video game in which amateur singers sing along with recorded music using a microphone and public address system. The music is typically a well-known pop song minus the lead vocal. Lyrics are usually displayed on a video screen, along with a moving symbol,...
bar. He opened up the grand Ah Mao Boiled Food (阿毛燉品) in 1994, and trading building materials in Shanghai. Zhou's involvement in China's newly re-established stock markets and his trading in copper futures brought about his wealth, that enabled him to move into and capitalise upon the volatile Shanghai real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
boom.
Financial irregularities
Zhou owns an unlisted holding company in Hong KongHong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, called New Nongkai Global Investments, and 75% of a Hong Kong-listed investment company called Shanghai Land Holdings.
Zhou was detained in June 2003 and placed under investigation for illegally acquiring state land and bank loans. On June 1, 2004, he was sentenced to three years in prison for stock market fraud. This relatively light sentence has given rise to speculation that he is cooperating with authorities in other investigations, especially Chen Liangyu
Chen Liangyu
Chen Liangyu was a politician of the People's Republic of China from the ruling Communist Party, and the disgraced CPC Shanghai Committee Secretary, or the city's first-in-charge....
, and then-Shanghai Mayor Huang Ju
Huang Ju
Huang Ju was the Executive Vice Premier of the People's Republic of China. He joined the Communist Party of China in March 1966. He was ranked 6th out of 9, and was one of the least popular and most partisan members of the Politburo Standing Committee of the Party...
.
Speculation on Zhou's arrest is centred upon high-level corruption
Political corruption
Political corruption is the use of legislated powers by government officials for illegitimate private gain. Misuse of government power for other purposes, such as repression of political opponents and general police brutality, is not considered political corruption. Neither are illegal acts by...
in Shanghai, which may involve protégés of China's former president, Jiang Zemin
Jiang Zemin
Jiang Zemin is a former Chinese politician, who served as General Secretary of the Communist Party of China from 1989 to 2002, as President of the People's Republic of China from 1993 to 2003, and as Chairman of the Central Military Commission from 1989 to 2005...
. China's new leadership team of President Hu Jintao
Hu Jintao
Hu Jintao is the current Paramount Leader of the People's Republic of China. He has held the titles of General Secretary of the Communist Party of China since 2002, President of the People's Republic of China since 2003, and Chairman of the Central Military Commission since 2004, succeeding Jiang...
and Wen Jiabao
Wen Jiabao
Wen Jiabao is the sixth and current Premier and Party secretary of the State Council of the People's Republic of China, serving as China's head of government and leading its cabinet. In his capacity as Premier, Wen is regarded as the leading figure behind China's economic policy...
may have decided to make an example of Zhou to embarrass Jiang Zemin's associates.
On October 23, 2006, the Independent Commission Against Corruption of Hong Kong obtained approval from a Hong Kong court to arrest Zhou for allegedly providing false information to the city's stock market regulators in relation to his acquisition of a listed company in 2002. In January 2006, Zhou's wife, Sandy Mo Yuk-ping, was sentenced to 3 years' imprisonment in Hong Kong for manipulating the price of Shanghai Land shares with the aim of defrauding investors.
Zhou was arrested again by Shanghai authorities on January 21, 2007, on charges of offering bribes and forging value-added tax invoices. He has also been charged with two other counts of bribery and embezzlement. In November 2007, He was sentenced to 16 years in prison by the Shanghai People's Intermediate Court.