ang Sicong was blessed with one day last week when he could technically live it up like he used to before being banned again from enjoying life’s luxuries.
The only son of real estate tycoon Wang Jianlin, Wang Sicong earned his title of “China’s richest son” over the years via ostentatious displays of wealth like blowing 2.5 million yuan ($385,000) during a single night out at a KTV or buying Apple Watches for his dog. He is friends with numerous stars and is a celebrity himself with over 44 million followers on Weibo.
However, last Thursday, a court in Shanghai’s Jing’an district banned the 31-year-old playboy from “high-end consumption” including buying first-class seats on a plane or high-speed train, staying in star-rated hotels, acquiring new real estate, or going on vacation.
The order came into effect just one day after an identical ban from a court in Shanghai’s Jiading district expired. Both stemmed from disputes regarding Wang’s live-streaming platform PandaTV which went bust back in March.
Meanwhile, a court in Beijing that determined earlier this month that Wang owed 151 million yuan ($21 million) in another financial dispute announced on Friday that it had seized some of Wang’s assets — including properties, cars, and bank accounts — and was placing him on a blacklist of individuals who haven’t paid off their debts despite being able to do so.
Wang’s financial troubles follow those of his father. Wang Jianlin was once flying high as China’s richest man, but, in 2017, his company’s massive debts and foreign investments started to come under government scrutiny, forcing him to cut back selling off assets including his beloved “Chinese Hollywood.”
He is now nowhere near to ranking as China’s richest man with an estimated fortune of merely $14 billion.