Ren Zhiqiang, the former chairman of Huayuan, a state-owned real estate group, was convicted for illegal gains totalling 112 million yuan ($16.5 million), according to a notice on the website of Beijing No. 2 Intermediate Court.
Nicknamed “Cannon Ren” for his outspoken views posted on social media, 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 Chinese president made in February about government efforts to battle the coronavirus.
Ren was later investigated for a "serious disciplinary violation," expelled from the ruling Communist Party and charged in a Beijing district court for economic crimes such as using official funds on golf expenses and using office and residential spaces provided for free by businessmen.
In Tuesday's judgment following a Sept. 11 trial, the court said Ren had paid back all monies unlawfully gained, "voluntarily confessed to all charges," accepted the sentence and will not appeal.
In addition to the prison sentence, Ren was fined 4.2 million yuan.