Rich Chinese Kid Faces Prison for Squandering $36 Million for Girlfriend
A 29-year-old man from Hangzhou, the capital of China’s Zhejiang Province, is facing prison time after he squandered millions of dollars to spoil his model and live-streamer girlfriend.
Zhang Xiaoen was born to a wealthy Chinese family and was accustomed to a luxurious lifestyle of spending a lot of money on anything he wished.
But Zhang made a financial mistake when he got into a relationship with freelance model Yang Yizhen two years ago, according to Chinese media as translated by Oddity Central.
He made sure that Yang was always happy by spoiling her with expensive presents such as designer clothes, accessories, jewelry, cars, and costly trips to Dubai.
Even though Zhang is part of a wealthy family, he could not handle all of Yang’s needs.
To keep up, Zhang reportedly took 70 million yuan ($10.5 million) from his father’s company. He then gambled using the money he borrowed from his wealthy friends to pay back his father but ended up losing 170 million yuan ($25.4 million) instead.
The lenders reported Zhang to the police after he was unable to return all the money he borrowed from them.
He was eventually arrested and admitted how poorly he managed his finances. Zhang also blamed his girlfriend for encouraging him to gamble when she accompanied him to Macau.
Zhang was later charged with fraud while his now ex-girlfriend started collaborating with prosecutors to build a case against him. She also began posting pictures with other men on social media.