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June 6, 2012
RUILI, China — This remote southwestern Chinese city of about 140,000 nestled in a river valley on the Myanmar border amassed huge wealth over decades of trade and smuggling of drugs, timber and jade. Now, China's main trading gateway to its long-isolated neighbor is waiting for a new boom that may never come.
Along the river, lush golf courses and luxury villas evince gold-rush expectations. A sprawling 16 billion yuan ($2.5 billion), five-star resort is rising above the city, the showcase of a local tycoon.
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