Wang Jing's business empire has woes in more than Nicaragua
Chinese tycoon Wang Jing has businesses on four continents—and a long list of woes.
His plans for a $10 billion deep-water port in Crimea fell through after Russia annexed the region in 2014. The same year he broke ground on a $50 billion canal in Nicaragua to compete with Panama’s. Little ground has moved since. A deal in Ukraine has been tied up by that country’s courts. Wang was also a high-profile loser in China’s 2015 stock market crash. After his Beijing Xinwei Technology Group added $30 billion in market value in less than a year, making Wang one of China’s richest people, the collapse wiped out three-quarters of those gains within four months.