Chinese tycoon shot dead

One of China's richest businessmen has been shot dead.

Li Haicang was gunned down in his office by an assailant, who then killed himself with his weapon, police said.

We found two dead bodies in Li's office

Police

Mr Li, who was 47, was the chairman of the privately-run Haixin Iron and Steel company.

Police said they had not yet established a motive for the killing.

Last year, Mr Li was listed as the 26th wealthiest man in China by the US magazine, Forbes, with an estimated fortune of $195 million.

Bodies found

Police said Mr Li was shot dead where he worked, near the city of Yuncheng, in the northern province of Shanxi.

"We found two dead bodies in Li's office. One was Li himself, the other was the suspect," a police officer told Reuters news agency.

One report said three people opened fire on Mr Li.

The China News Service reported that two people were later arrested in connection with the killing.

High-ranking

Mr Li was a member of a national political advisory body, the Chinese People's Political Consultative Conference (CPPCC), comprising prominent non-communist figures.

He was also a vice-chairman of the All-China Federation of Industry and Commerce, the main state-run chamber of commerce.

Haixin is the largest private firm in Shanxi, and according to its website, Mr Li owned a majority of its shares.

It employs 7,300 people and last year reported sales of 3 billion yuan ($360m).