On November 6th, the news of “Wang Sicong became Lao Lai (heavily in debt)” spread throughout the net. The fate of China’s richest family in real estate business has become the subject of ridicule among Chinese populace.
Open Information Network on China Execution showed that on November 4, Wang Sicong was listed as the defaulter by Beijing No. 2 Intermediate People’s Court, and his defaulted debt was listed at 151437840.0, about 150 million RMB.
The Beijing Court also confirmed that Wang Sicong has not been restricted from high-valued consumption or under other compulsory measures.
According to Tianyancha data, Wang Sicong is the legal representative of 20 companies, shareholder of other 33 companies and he still acts as director for 34 companies. In legal terms, Wang Sicong has control over the management of 108 companies.
In 2009, his father Wang Jianlin, Chairman of Wanda Group, told reporters that as his son was not willing to manage his Wanda Group, he gave him 500 million RMB to set up the Pusi Capital.
In just a few years, Wang Sicong proved to be very successful in his investments and was praised by his industry as a “commercial talent”. In 2016, Wang Sicong was listed at the 11th place of billionaires born after 1980s with his wealth of 6 billion RMB.
Wang Sicong has investments in YWYK, Dianping.com, 360, yingxiong.com, etc, covering the cultural sector, entertainment, gaming, and health care, etc, except real estate.
Exposed government data has showed that bank accounts under Pusi Capital have been frozen.
Anyone with a clear mind would understand that this is a political game in China. Any entrepreneur involved in the game must not be able to get themselves out of the meat grinder.
Wang Sicong is now the “prince in trouble”; the contents of his Weibo account with 44 million followers have all been deleted. Amid the wrestling of the CCP leadership, his father seemed to have not been able to give him a helping hand.
Wang Sicong was not only the Fuerdai (children of the rich) in China. Wang is often referred to as “The People’s husband”, “China’s most eligible bachelor”, and “China’s Richest Son”.
While Sicong is considered one of the most important figures in China’s nascent esports scene, he openly embraces his playboy celebrity persona in the style of Tony Stark, throwing extremely lavish parties, posting pictures which flaunt his wealth, and regularly trading barbs with A-list celebrities.
By Winnie Troppie