China’s Former ‘Richest Son’ Shamed By Government For Having $21.5 Million Debt

Wang Sicong, the only son of Wanda Group founder Wang Jianlin, has landed on the country’s list of debtors this week.

A Beijing court announced that the Prometheus Capital chairman owes at least 150 million yuan, equivalent to at least $21.5 million, according to a notice published in the official website of the Chinese Supreme Court.

Wang, 31, was hailed as “China’s richest kid” when his father became the country’s — and even Asia’s — richest man a few years ago.

However, Jack Ma overtook Wang Jianlin as China’s richest man in May 2017, and since then, the latter has suffered a downturn that ranked him 14th this year, a descent from fourth in 2018.

Wang Jianlin. Image via World Economic Forum (CC BY-SA 2.0)

Prometheus Capital, a private equity company, was founded in 2012 with 500 million yuan ($71.5 million) Wang had received from his father, according to Reuters.

A Shanghai court, however, froze the fund’s equity last month, according to records from corporate database Tianyancha.

Wang generously flaunted his wealth in the past.

In 2016 alone, he spent nearly $400,000 at a karaoke bar and bought his dog eight iPhone 7 units.

Wang is now listed in China’s national database for debt recovery as an “enforced person,” but his creditors have not been identified. The move reportedly followed a court case in the Beijing No. 2 Intermediate People’s Court.

“The court has not yet enforced measures such as spending restrictions against Wang Sicong nor added [him] to the list of defaulters. Therefore, Wang Sicong is only an ‘enforced person’ and not a defaulter,” said a Weibo post from People’s Court Daily, a newspaper affiliate of the Supreme People’s Court, according to the South China Morning Post.

Wang is personally liable for the amount owed. Should he fail to pay his debt in time, the court could seize his assets, according to lawyer Zhang Weiwei from Guangdong Xinggong Law Firm.

“From a business perspective, his reputation would be affected negatively by this case. He is now a debtor and the media has reported widely about this,” Zhang told SCMP.

Wang has reportedly made his social media accounts private and declined media inquiries as of this writing.

Feature Image via Sohu

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