Chinese rags-to-riches tycoon Xie Zhikun dies, aged 61
- The founder of the Zhongzhi Enterprise Group died of a heart attack in Beijing on Saturday
- Xie built up a timber business into a major conglomerate, but later began selling assets amid growing concern from the authorities about debt risk
The rags-to-riches Chinese tycoon Xie Zhikun, whose investment portfolio had triggered concerns about debt risk among the financial authorities, has died aged 61.
A statement by Zhongzhi Enterprise Group (ZEG), which Xie founded, said the tycoon had died of a heart attack in Beijing on Saturday.
“Xie Zhikun devoted all his life to founding the Zhongzhi Enterprise Group. He has been patriotic, loving the [Communist] Party, diligent and dedicated, and enthusiastic about charity and public welfare. He is a true brave and fearless hero,” the statement said.
Xie, who sometimes went by his English name of Forest, kept a low profile throughout his career but was also known as the husband of popular singer Mao Amin.
He worked in a state-owned printing factory in his early career and created ZEG as a timber company in 1995 in Yichun, a region of Heilongjiang which is best known for its woodlands.
His business began to take off after he made a fortune from taking part in private placements of Chinese listed companies, according to a report by The Beijing News in January 2018.