Court Seizes Assets Of Billionaire's Son Wang Sicong Over Debts

A Beijing court has seized assets belonging to Wang Sicong, the son of a Chinese billionaire, over 151 million yuan in debts.

"The court has restricted luxury spending by Wang Sicong and sealed off properties, cars and bank accounts under Wang's name," Gao Zhihai, spokesman for the Beijing No 2 Intermediate People's Court, said on Friday.

"Wang Sicong has declared his assets to the Beijing No 2 Intermediate People's Court. The parties involved have reported to the court that they are negotiating on the implementation of the creditor's rights."

Earlier this month, the court named 31-year-old Wang, son of real estate titan Wang Jianlin, as being personally liable in a financial dispute involving about 151 million yuan.

On Tuesday, the court also put limits on Wang Sicong's spending, restricting him from playing golf, buying property, and staying in upmarket hotels.

Gao said the court would verify Wang's reported assets and - depending on talks with creditors - put Wang in the list of "discredited individuals", a public database run by the Supreme People's Court listing people who have failed to pay off their debts despite having the capacity to do so.

Wang founded Shanghai Panda Entertainment in 2015 and the company went bankrupt in March.

The restriction order came just days after a Shanghai court lifted spending restrictions on Wang.

Shanghai Jiading District People's Court imposed the limits last month after Wang failed to comply with a court ruling last December to pay 3.6 million yuan to Cao Yue, an e-sports gaming host who used to work for Shanghai Panda Entertainment. The restrictions were removed by November 20.

Wang is one of China's most high-profile fuerdai, or second-generation rich, and is known for his lavish lifestyle.

Source: SCMP

Editor: Crystal Huang

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