Beijing court finds son of China’s richest man in default

A court in Beijing confirmed that it has listed Wang Sicong, the “son China’s richest man,” as a person subject to enforcement requiring him to repay millions in debts, which netizens said was a big blow for his public image.

Wang, 31, the only child of Wang Jianlin, chairman of property giant the Wanda Group, whose net worth was estimated by Forbes to $12.5 billion, was listed on Monday by the second Beijing Intermediate People’s Court as failing to repay a debt of 150 million yuan ($21.4 million), media outlet thepaper.cn reported on Wednesday.

The report quoted the court as saying it had not included Wang Sicong on bad social credit list or restricted him from high consumption.

China is building a government-led national social credit system that assesses individuals, enterprises and government agencies on their credit worthiness. A bad record can affect a person’s qualification to apply for loans or buy tickets for high-speed trains or flights.

Wang’s debts came after Beijing Pusi Investment Ltd (Prometheus Capital), in which he serves as the chairman and holds 100 percent of the shares, was ordered frozen from October 15 to October 14, 2022 by a Shanghai court.

The news that Wang was listed as judgment debtor has sparked a big splash on Chinese social media with his name topped the trending list on Sina Weibo. And the topic “Wang Sicong was listed as a person subjected to enforcement” has been viewed 52.3 million times as of press time.

“150 million yuan is not a lot for Wanda, he could make a comeback with his father’s help, but the situation will still be difficult for him,” an observer in the commerce field, who requested anonymity, told the Global Times on Wednesday.

Wang, as a high-profile public figure, enjoys a lot of attention that ordinary people do not, the observer said, urging Wang to pay the debt.