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. One 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.

 

(Xinhua News Agency May 27, 2006)