BEIJING: Chinese President Xi Jinping's brother-in-law owned shares in a firm controlled by the country's richest man Wang Jianlin, the businessman confirmed after allegations that political connections helped Wanda Group grow.
The declaration by Wang comes after a sweeping anti-corruption drive under Xi has targeted a swathe of prominent cadres and low-level officials.
The campaign has seen thousands dismissed from their posts, with some receiving lengthy prison terms, but critics say it has been used to purge Xi's political rivals.
An investment company owned by Xi's brother-in-law, Deng Jiagui, bought shares in Wanda's commercial property subsidiary in a private placement in 2000, Wang told a Harvard Business School forum on Thursday.
Deng's firm sold them "at a low price point" two months before the company's multi-billion-dollar initial public offering in Hong Kong in December 2014, Wang said.
"He sacrificed the opportunity to realise a huge return in investment," he said according to a press release Friday.
"This incident demonstrates that President Xi is not only strict in managing our country but is even more scrupulous when it comes to family affairs."
The comments were made in response to a question about a New York Times article alleging that friends and relatives of China's top leadership made more than $1 billion from investments in Wanda's commercial property and cinema companies.
China has not responded officially to the allegations.
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