Chinese Courts Impose Spending Bans on Wanda Scion Wang Sicong

Wang Sicong, the son of China’s once-richest man, has been slammed with more spending bans, further cramping his characteristically flamboyant style.

At a press conference Friday, Beijing Second Intermediate People’s Court said it had seized assets registered in Wang’s name — including real estate, vehicles, and bank accounts — determining that he had defaulted on loans worth 150 million yuan ($21.3 million). And in a statement Thursday, Shanghai Jing’an People’s Court banned Wang from purchasing first-class tickets on planes, trains, and ferries; booking stays at luxury hotels; and acquiring new real estate.

Earlier this month, a court in Shanghai’s Jiading District also issued a consumption ban on Wang after he neglected to pay over 3 million yuan in compensation to an employee who had sued his company over contractual disputes. The court imposed the ban after Wang failed to comply with a previous legal decision, but that prohibition was reportedly overturned earlier this week. (Image: VCG)