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Shanghai Court Freezes Assets of Wanda Group Founder’s Son Wang Sicong

By Ding Yi / Dec 11, 2019 12:14 PM / Business & Tech

Photo: VCG

Photo: VCG

Wang Sicong, the high-profile son of Chinese billionaire Wang Jianlin, founder of Dalian Wanda Group, has had his assets frozen by a Chinese court. 

It is the second time his assets have been frozen. In October, a district court in Shanghai ordered a three-year freeze on the assets of an investment company wholly owned by Wang.

The Shanghai Baoshan District People’s Court backed the request of Shanghai Jingling Investment Center to freeze 22 million yuan, ($3.13 million) in Wang’s bank accounts, or the equivalent value in assets, over a stock ownership spat, according to a court ruling published on China Judgements Online on Monday. The court order provided no further details.

The new asset freeze order comes only three weeks after he was released from a Shanghai Jiading District People’s Court ruling which had prohibited him from purchasing luxury goods and services above a certain value due to the debts he owes certain creditors.

Thirty-one-year-old Wang, who is known for his flamboyant lifestyle, love of e-sports, and public feuds with other celebrities, is also currently subject to a spending ban issued last month by another court in Beijing, barring him from making extravagant purchases such as staying in luxury hotels and visiting upscale nightclubs.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Billionaire Wang Jianlin’s Son Released From Spending Ban

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