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China – Sands files writs against low rollers

By - 25 January 2013

Sands China has filed two law suits against mainland Chinese high-rollers as it looks to recover gambling debts of US$4.5m (£2.8m) racked up at its Venetian Macao property.

Shanghai Gaoyuan Property Group owner Zou Yunyu owes HK$23m (US$3m) whilst Xie Xiaoqing, a businessman and deputy to the provincial legislature in Hubei province, owes HK$11m (US$1.5m).

The casino also wants to recover 18 per cent annual interest on the outstanding debts and other costs from the two customers.

Zou, who owns Shanghai Gaoyuan Real Estate Group and has a net worth of US$220 million (HK$1.72 billion), was ranked No302 out of 400 richest Chinese by Forbes magazine in 2008.

In the first case, the Venetian said that Zou, who has a net worth of US$220m, signed an agreement with the casino on September 4, 2011, for the loan of gaming chips. Initially, the credit limit was HK$20m but it was raised three weeks later by Zou to HK$30m.

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