Caixin
Nov 07, 2019 09:13 PM
BUSINESS & TECH

Court Puts Billionaire Wang Jianlin’s Son One Step From ‘Defaulter’ Status

Wang Sicong. Photo: VCG
Wang Sicong. Photo: VCG

Wang Sicong, the high-profile son of one of China’s richest men, has been added to a list of people in danger of being branded a “defaulter” over the 150 million yuan ($21.39 million) that he owes creditors.

On Monday, the Beijing No. 2 Intermediate People’s Court put Wang, the son of tycoon Wang Jianlin, the billionaire founder of Dalian Wanda Group Co. Ltd., on a list of people “subject to enforcement action,” according to information from a governmental disclosure database (link in Chinese).

Sources at the municipal court confirmed that the younger Wang’s case had been filed there, but noted that the indebted entrepreneur has not been formally labeled a “defaulter,” a court-ordered designation that would prohibit him from making pricy purchases, such as staying in luxury hotels or booking plane and high-speed rail tickets.

Nonetheless, making the Beijing court’s list leaves Wang just one step away from the designation. If he cannot repay the debts that he and his company owe in a timely manner, he will end up labeled a defaulter.

This is not the first time Wang has run into financial problems. In mid-October, a district court in Shanghai ordered a three-year freeze on the assets of his wholly owned investment company, Beijing Pusi Investment Co. Ltd. The court did not disclose the value of the frozen assets.

The court action was a result of the bankruptcy of Panda TV, which Wang chaired and had invested in.

Contact reporter Isabelle Li (liyi@caixin.com)

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