Outspoken Real Estate Boss Says He Is Retiring

(Beijing) -- Outspoken property tycoon Ren Zhiqiang has said he will step down as chairman of state-owned Huayuan Property Co. in November.

Ren, known for his controversial comments on the country's property market, confirmed his retirement on October 21 on his account on Sina Weibo, the country's version of Twitter.

Ren said he will stay on as chairman until a shareholders' meeting. He also forwarded a post from Pan Shiyi, a longtime friend and chairman of SOHO China, celebrating his impending retirement. Pan broke the news Ren is retiring in a weibo post.