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The 'Red King of Gambling' owes $160 million, and that says everything about China's problems
Shao Dongming is the CEO of Chinese property development company Dongding Investment, and he's one of richest men in Shanghai. He's also known as the 'red king of gambling,' infamous for going to Macau and making multi-million dollar bets with abandon. Unfortunately his luck has run out. Shao is being investigated for corruption in the country's ongoing, far-reaching anti-corruption campaign. Specifically, the government is looking into the $160 million worth of gambling debts he's racked up in Macau. According to reports, Shao refused to pay these debts when his creditors tried to call them in, and he reportedly ... (full story)
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