Billionaire's Son Refuses to Pay Debt, Now Banned from His Life?

Source: SCMP

Wang Sicong, the son of Chinese billionaire Wang Jianlin, who was identified as having personal debts totalling US$21.6 million has also been told he must restrict any future spending to lifes necessities, according to a court report.

Wang Sicong, the son of Chinese billionaire Wang Jianlin, who was identified as having personal debts totalling US$21.6 million has also been told he must restrict any future spending to lifes necessities, according to a court report.

Issued by Shanghai Jiading District Court last month, the order came following a request by Cao Yue, an e-sports gaming host who in December last year won a lawsuit against Shanghai Panda Entertainment Co founded by Wang Jnr involving a 3.6 million yuan (US$515,000) contract dispute, the document said.

Even his dog traveled by private jet...

On Monday, the Beijing No 2 Intermediate Peoples Court, named the 31-year-old Wang as being personally liable in a financial dispute involving about 151 million yuan.

Under the Shanghai ruling, Wang is banned from buying property, going on holiday, flying, travelling first class on boats and trains including Chinas high-speed rail network staying in star-rated hotels, visiting nightclubs and playing golf.

Subject to approval by the district court, any of the restrictions may be lifted temporarily if deemed to be restrictive to Wangs genuine business activities.

Wang is well known for flaunting his wealth and lavish lifestyle online. Just last month he made headlines in the Chinese media for posting an image of his bill from a Japanese restaurant for more than 15,000 yuan, along with a caption saying the food was the most awful he had eaten in years.

The son of the chairman of the multinational conglomerate Dalian Wanda Group even once boasted that his pet dog an Alaskan Malamute called Coco, which itself has more than 2 million followers on Weibo, Chinas Twitter-like service had travelled by private jet.

News of the restriction on Wangs spending triggered a debate on Weibo as to whether he would still be allowed to use his private jet. Various posts on the subject were read 120 million times and attracted more than 7,000 comments.

But Zhang Weiwei, a lawyer from the Guangdong Xinggong Law Firm, said the answer was probably no, and it was possible that Wangs assets would be sold to help clear his debts.

There have been cases before of private jets being auctioned off, he said.

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