China tycoon jailed for 16 years

Zhou is one of a handful who made their fortunes in the 1990s

A Chinese property tycoon has been jailed for 16 years on corruption charges, including bribery and forging tax receipts, state media has reported.

Zhou Zhengyi was once named China's 11th richest man with an estimated fortune of more than $320m (£155m).

He had been released from prison in May last year after serving a three-year sentence for manipulating the stock market and fraud.

China's anti-corruption drive has led to thousands of arrests since 2003.

Zhou was convicted by a Shanghai municipal court in a closed session, official news agency Xinhua reported.

His company was fined 3.35m yuan (£220,000).

Rags to riches

Zhou was arrested in October 2006 after an investigation of a Shanghai social security fund scandal, involving 3.7m yuan (£242,000).

The probe led to the downfall of Shanghai Communist Party leader, Chen Liangyu.

Zhou was once the owner of a snack-shop, but soon became part of China's celebrity set.

He is one of a number of high-flying businessmen who made their fortunes in the 1990s but since have been investigated by the government.

Zhou's lawyers say a decision concerning an appeal has not yet been taken.