News Snapshot:
Ren Zhiqiang, the former chairman of state-owned real estate group Huayuan, was convicted for illegal gains totaling $16.5 million, according to Reuters. Nicknamed “Cannon Ren†for his social media broadsides, Ren, 69, was detained in March after referring to Xi as “a clown stripped naked who insisted on continuing being emperor†after a speech the president made about Beijing’s efforts to battle the coronavirus, which emerged in Wuhan. Ren was later probed for a “serious disciplinary violation,†expelled from the ruling Communist Party and charged with economic crimes, including using official funds on golf expenses. He was convicted of corruption,...
