What’s New: Ren Zhiqiang, former chairman of state-owned developer Huayuan Property Co., was expelled from the Communist Party for violating party discipline and faces criminal corruption and embezzlement charges, China’s anti-graft watchdog said Thursday.
Ren disobeyed major principles and lost loyalty to the party, a Beijing branch of the state graft buster said. He was found using public power for personal benefits, accepting favors from business people, obtaining huge illegal gains through connected-party transactions and causing losses of state assets. Ren collaborated with his children for illicit profit-taking, according to the statement.
Ren’s case has been passed to the judiciary system for criminal investment on allegations including corruption, taking bribes, embezzlement and abuse of power.
Background: Ren was placed under party investigation in April for suspected violations of discipline and law.
The 69-year-old Ren retired as head of Huayuan Property in 2014. He was a high-profile figure in China’s real estate industry, often stirring controversy with his comments on the country's property market.
Ren, along with SOHO China chairman Pan Shiyi and Vantone Holding Co. Ltd.'s Feng Lun, were the country's earliest players in the property market. He joined the predecessor of Huayuan Property in 1984.
Contact reporter Han Wei and editor Bob Simison
