2019/11/24

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Chinese court seizes assets of billionaire's son over debts

  


Wang Sicong, the only son of Chinese property tycoon Wang Jianlin, might need to tighten his purse strings a little.


The 31-year-old - who flaunted his new Bugatti and Ferrari not long ago - has been banned from using his supercars, lavish properties and savings after refusing to pay more than 151 million yuan in debt, according to a court.


He has also been stripped of his rights to have a high-rolling lifestyle by the Second People's Court of Beijing in accordance with the country's social credit system.


The news came a week after the pampered princeling was slapped a similar ban by a court in Shanghai. 


'Up until now, because Wang Sicong has not carried out his duty to follow the enforcement notice and pay back the money, our court has imposed spending restrictions on the individual facing the enforcement, and sealed Wang Sicong's assets including properties, cars and bank savings,' a spokesperson of the Beijing court said today. 


Sicong, who was born in China and educated in the UK, is most famous for buying eight iPhone 7s and two Apple Watches for his pet dog.


In July, the wealthy heir showed off two supercars on his Instagram.


A picture taken in Beverly Hills showed one red and one blue cars.


The red one is believed to be a LaFerrari, a limited-edition sports car from Ferrari that costs at least 776,000.


While the blue one is said to be a Bugatti Chiron, which is worth 1.9 million.


Sicong has been banned from flying first class, buying luxury goods, taking high-speed trains and going on holiday, according to a statement released by the court on Tuesday.


He is also barred from staying in high-end hotels, clubbing, playing golf, buying properties and cars, renting upscale offices, among others, the notice says. 


Shanghai Jiading District Court remove its ban on Sicong after his company said he was dealing with the matter and would solve the problem 'as soon as possible'. 


When it rains it pours. A court in Shanghai's Jing'an District yesterday also issued a luxury-life ban on the flamboyant young entrepreneur after he had failed to obey the court's ruling on three separate lawsuits. 


It is understood Sicong is yet to be discredited by the national system. However, he could be declared a 'deadbeat' and face detention should he disobey the 'luxury life ban'.


Sicong's 65-year-old father Jianlin is worth $12.6 billion according to Forbes. The self-made tycoon founded China's largest real estate development company Dalian Wanda Group and was the country's richest man for many years.


A successful businessman in his own right, Sicong was one of the richest entrepreneurs under the age of 30 in China and estimated to be worth 704 million in 2017. 


As China's most eligible bachelor, Sicong is a darling of tabloids due to his enviable lifestyle.


Like most privileged children of the super-rich, Sicong was educated abroad - first at a primary school in Singapore and then at 41,000-a-year Winchester College - one of England's top public schools - and then onto University College London where he studied philosophy.


His dog, Coco the Alaskan Malamute, lives an extravagant life most men can only dream of.


The pet's assets include two 800 Apple Watches, eight iPhone 7s, a Fendi handbag and a Hermes leather leash and wads of cash. She even has her own private jet and chauffeur.



In 2009, Sicong was handed a gilded position in the Dalian Wanda conglomerate by his father - and 53 million to start his own business.


'I told him I would allow him to fail twice. If he fails for the third time, he would have to come back and work in my company earnestly,' his father told China Central Television.


He set up Pusi Capital, a private equity firm based in capital city Beijing, to invest in projects and companies he likes. 


Sicong is the second high-profile name to be penalised by China's controversial social credit system.


Earlier this year, US-raised actress and former beauty queen Michelle Ye Xuan was banned from travelling out of China after being blacklisted by the social credit system for failing to apologise to her love rival in a defamation lawsuit.

Source: https://www.dailymail.co.uk


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