Wang Sicong, the only son of Chinese property tycoon Wang Jianlin, might need to tighten his purse strings a little.
The 31-year-old – who flaunted his new Bugatti and Ferrari not long ago – has been banned from using his supercars, lavish properties and savings after refusing to pay more than £16 million in debt, according to a court.
He has also been stripped of his rights to have a high-rolling lifestyle by the Second People’s Court of Beijing in accordance with the country’s social credit system.
A court in Beijing has prevented Wang Sicong, the son of property tycoon Wang Jianlin, from using his supercars and luxury properties until he pays back the £16 million that he owes. The 30-year-old (seen in a picture on his Instagram) likes showing off his high-rolling lifestyle
He has flaunted two supercars, a LaFerrari and a Bugatti Chiron, in an Instagram post (above)
The news came a week after the pampered princeling was slapped a similar ban by a court in Shanghai for failing to pay £414,000 debt.
‘Up until now, because Wang Sicong has not carried out his duty to follow the enforcement notice and pay back the money, our court has imposed spending restrictions on the individual facing the enforcement, and sealed Wang Sicong’s assets including properties, cars and bank savings,’ a spokesperson of the Beijing court said today.
Sicong, who was born in China and educated in the UK, is most famous for buying eight iPhone 7s and two Apple Watches for his pet dog.
Sicong, who is the sole heir to his 65-year-old father, often shares pictures of his travels on his Instagram. High-end hotels, private jets and luxury goods are often featured in his account
The pampered princeling is also a big fan of tropical resorts and beaches. Sicong was one of the richest entrepreneurs under the age of 30 in China and estimated to be worth £704 million
In July, the wealthy heir showed off two supercars on his Instagram.
A picture taken in Beverly Hills showed one red and one blue cars.
The red one is believed to be a LaFerrari, a limited-edition sports car from Ferrari that costs at least £776,000.
While the blue one is said to be a Bugatti Chiron, which is worth £1.9 million.
According to Chinese website Sina.com, both cars belong to Sicong.
Sicong has been banned from flying first class, buying luxury goods, taking high-speed trains and going on holiday, according to a statement released by the court on Tuesday.
He is also barred from staying in high-end hotels, clubbing, playing golf, buying properties and cars, renting upscale offices, among others, the notice says.
Shanghai Jiading District Court remove its ban on Sicong after his company said he was dealing with the matter and would solve the problem ‘as soon as possible’.
When it rains it pours. A court in Shanghai’s Jing’an District yesterday also issued a luxury-life ban on the flamboyant young entrepreneur after he had failed to obey the court’s ruling on three separate lawsuits.
The news came a week after Sicong was slapped a similar ban by a court in Shanghai for failing to pay £414,000 debt. The order was removed after he promised to solve the problem
It is understood Sicong is yet to be discredited by the national system. However, he could be declared a ‘deadbeat’ and face detention should he disobey the ‘luxury life ban’.
Sicong’s 65-year-old father Jianlin is worth $12.6 billion (£9.9 billion) according to Forbes. The self-made tycoon founded China’s largest real estate development company Dalian Wanda Group and was the country’s richest man for many years.
A successful businessman in his own right, Sicong was one of the richest entrepreneurs under the age of 30 in China and estimated to be worth £704 million in 2017.
Sicong’s 65-year-old father Jianlin (right) is worth $12.6 billion (£9.9 billion) according to Forbes. The self-made tycoon was the country’s richest man for many years. In 2009, a 21-year-old Sicong was handed £53 million by his mega-rich father to start his own business
As China’s most eligible bachelor, Sicong is a darling of tabloids due to his enviable lifestyle.
Like most privileged children of the super-rich, Sicong was educated abroad – first at a primary school in Singapore and then at £41,000-a-year Winchester College – one of England’s top public schools – and then onto University College London where he studied philosophy.
His dog, Coco the Alaskan Malamute, lives an extravagant life most men can only dream of.
The pet’s assets include two £800 Apple Watches, eight iPhone 7s, a Fendi handbag and a Hermes leather leash and wads of cash. She even has her own private jet and chauffeur.
Sicong is known for showering his pet dog, Coco the Alaskan Malamute, with gifts and cash
Coco was pictured with boxes thought to contain eight iPhone 7s given by her doting owner
The pampered pooch has also been given two £800 Apple Watches by the rich sole heir
In 2009, Sicong was handed a gilded position in the Dalian Wanda conglomerate by his father – and £53 million to start his own business.
‘I told him I would allow him to fail twice. If he fails for the third time, he would have to come back and work in my company earnestly,’ his father told China Central Television.
He set up Pusi Capital, a private equity firm based in capital city Beijing, to invest in projects and companies he likes.
Sicong is the second high-profile name to be penalised by China’s controversial social credit system.
Earlier this year, US-raised actress and former beauty queen Michelle Ye Xuan was banned from travelling out of China after being blacklisted by the social credit system for failing to apologise to her love rival in a defamation lawsuit.
China-born, U.S.-raised Michelle Ye Xuan is the first high-profile figure to be punished by Beijing’s controversial social credit system since it was launched in 2014. The star is pictured at a film premier in Beijing in 2014 (left) and at the Hong Kong Film Awards in 2010.
China is ready to finish building its Big-Brother-style surveillance network next year, which is set to have some 626 million CCTV street cameras, or one camera for nearly every two people
Set to be launched next year, China’s social credit system rates all citizens and companies based on their daily behaviour ranging from financial records to social media activities to abilities to follow law.
The system is facilitated by the ‘big data’ technology, which is part of Beijing’s 13th five-year plan.
Big data is, in turn, backed by China’s ever-expanding national surveillance network which is set to have more than 600 million street cameras by 2020.
The nation-wide initiative will help the country restore morality, according to China’s state-run newspaper Global Times.
Latest statistics show the Chinese social credit system blocked what it called ‘discredited entities’ from taking 2.56 million flights and 90,000 high-speed train journeys in July alone.
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