Beijing (CNN) A Chinese billionaire who criticized President Xi Jinping's handling of the coronavirus epidemic has been placed under investigation, Beijing authorities said in a brief statement Tuesday.

Ren Zhiqiang, a retired real-estate tycoon with close ties to senior Chinese officials, faces allegations of committing "serious violations" of the law and Communist Party regulations, a favored euphemism for corruption.

The statement did not give any other details about the allegations against Ren.

Born into the party's ruling elite, the 69-year-old has often been outspoken on Chinese politics, far more than is usually allowed in the authoritarian state.

His forthrightness earned him the nickname "The Cannon" on Chinese social media.

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