Chinese court seizes assets of billionaire’s son Wang Sicong over debts
- Wang could be put on a public list of ‘discredited individuals’ if he does not comply with an order to pay more than US$21 million to creditors
A Beijing court has seized assets belonging to Wang Sicong, the son of a Chinese billionaire, over 151 million yuan (US$21.4 million) in debts.
“The court has restricted luxury spending by Wang Sicong and sealed off properties, cars and bank accounts under Wang’s name,” Gao Zhihai, spokesman for the Beijing No 2 Intermediate People’s Court, said on Friday.
“Wang Sicong has declared his assets to the Beijing No 2 Intermediate People’s Court. The parties involved have reported to the court that they are negotiating on the implementation of the creditor's rights.”
On Tuesday, the court also put limits on Wang Sicong’s spending, restricting him from playing golf, buying property, and staying in upmarket hotels.
Gao said the court would verify Wang’s reported assets and – depending on talks with creditors – put Wang in the list of “discredited individuals”, a public database run by the Supreme People’s Court listing people who have failed to pay off their debts despite having the capacity to do so.
According to the spending restriction order, the motion was filed by Jiaxing Jingzi Tiwei Equity Investment Fund Partnership, a company established in May 2017 and with a 2.31 per cent stake in Shanghai Panda Entertainment.
Wang founded Shanghai Panda Entertainment in 2015 and the company went bankrupt in March.
The restriction order came just days after a Shanghai court lifted spending restrictions on Wang.
Wang is one of the country’s most high-profile fuerdai, or second-generation rich, and is known for his lavish lifestyle.
His pet dog, Coco the Alaskan malamute, symbolised that lifestyle, with Wang photographing him wearing Apple watches and flying the world in a private jet.
