Chinese billionaire Wang Jianlin has clarified allegations that some relatives of President Xi Jinping hold significant shares in his company. On Thursday, Wang said that Xi's relatives had sold all of their shares before his company made its initial public offering (IPO) in 2014, missing the chance to make a tremendous profit.

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The New York Times reported that Wang was at a University forum when he was asked if his company's success is due to its connections with two relatives of President Xi. But the real estate magnate said that his company owed much of its success on its own efforts. The two relatives of the president, who invested in Wang's company, have been identified as Xi's sister Qi Qiaoqiao and her husband Deng Jiagui.

In a recent speech, Wang said the couple cannot be charged with corruption since they sold all of their holdings before the company's IPO, which could have earned them huge returns from their investment.

Wang went on to expose what many rich and politically connected Chinese do to hide their financial dealings. He said they simply sell - at least on paper - their company holdings to some relatives or friends.

In this case, the couple allegedly sold all of their shares to a company owned by one of their subordinates two years ago, based on the official records. This somehow contradicts Wang's assertion that the couple sold their holdings two months before his company made its initial public offering, which means that the transfer occurred in October last year.

Neither Qi nor Deng are responding to reporter's request for an interview with regards to their involvement with the Dalian Wanda company.

A reporter for The New York Times wrote an article that provides a glimpse of how Wang, a former soldier, was able to become of one of China's most successful entrepreneur and businessman.

Wang would not directly comment on questions that Chinese government officials and their relatives have substantial shares in his companies. He however admitted that negotiating with the government is essential since every real estate project must first be given its nod. But Wang insists that his company does not payoff officials to approve their projects.

TagsQi qiaoqiao, deng jiagui, chinese corruption