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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

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A Beijing court has frozen assets belonging to Wang Sicong. Photo: Baidu
Zhuang Pinghuiin Beijing

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.

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“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.”

Earlier this month, the court named 31-year-old Wang, son of real estate titan Wang Jianlin, as being personally liable in a financial dispute involving about 151 million yuan.

On Tuesday, the court also put limits on Wang Sicong’s spending, restricting him from playing golf, buying property, and staying in upmarket hotels.

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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.

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