• +86 188-0018-6806
  • harveyyan@zhongyinlawyer.com

Son of Chinese billionaire is banned from living a luxurious life by Beijing’s social credit system

Son of Chinese billionaire is banned from living a luxurious life by Beijing’s social credit system

By Billie Thomson For Mailonline
10:22 11 Nov 2019, updated 12:48 11 Nov 2019

139
shares
91 comments
Latest From MailOnline

I tipped off police that my husband was Midsomer murderer: Mother of two, 27, reveals how she found suspicious Google searches on partner’s phone and realised he had bludgeoned a grandmother to death with hammer

Raheem Sterling AXED by Gareth Southgate after trying to grab Joe Gomez by the neck in England canteen – just a day after pair clashed during Liverpool’s win over Manchester City
Wang Sicong has been forbidden to live a luxurious life by a court in Shanghai
The 31-year-old has been barred from first-class flight and high-speed trains
He will be discredited by China’s social credit system should he defy the ban
His firm said he was handling the matter and would solve the problem a.s.a.p
The son of a Chinese billionaire has been stripped of his rights to have a high-rolling lifestyle by a court in accordance with the country’s social credit system after failing to obey a court order.

UK-educated Wang Sicong, the only child of mega-rich property magnate Wang Jianlin, has been banned from flying first class, buying luxury goods, taking high-speed trains and going on holiday after refusing to pay £414,000 debt, according to a district court in Shanghai.

ADVERTISEMENT

The 31-year-old, famous for buying eight iPhone 7s and two Apple Watches for his pet dog, has also been barred from staying in high-end hotels, clubbing, playing golf, buying properties and cars, renting upscale offices, among others, a court notice says.

Wang Sicong (pictured in 2011), the son of mega-rich property tycoon Wang Jianlin, has been banned from living a luxurious life after one of his companies failed to delivera court order
139
shares
RELATED ARTICLES
China’s former chief trade negotiator says Beijing wants Donald Trump re-elected because he is ‘easy to read’
Hong Kong police officer shoots protester at point-blank range while activists set another man on FIRE after dousing him with petrol as fresh violence erupts after city’s 24th weekend of protests
China’s hottest investment: overpriced sneakers
China’s Alibaba, JD report booming Singles Day sales
The news came after Sicong was last week listed as a debtor owing at least 150 million yuan (£16.7 million) by a court in Beijing in a separate case.

It is understood he is yet to be discredited by the national system. However, he could be declared a ‘deadbeat’ and face detention should he disobey the order.

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 30 in China and estimated to be worth 6.3 billion yuan (£704 million) in 2017.

The severe punishment was handed to the pampered princeling last month after one of the companies he owns had refused to follow the court’s ruling.

The court said he had failed to issue a 3.6 million yuan (£400,000) in compensation to a business competitor in a lawsuit related to the employment of one of Sicong’s staff who used to work for his rival.

Sicong’s company said he was dealing with the matter and would solve the problem as soon as possible.

In 2009, a 21-year-old Sicong was handed £53 million by his mega-rich father to start his own business

Sicong’s 65-year-old father Jianlin (pictured) is worth $12.6 billion (£9.9 billion) according to Forbes. The self-made tycoon was the country’s richest man for many years
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.

ADVERTISEMENT

‘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.

The firm that got Sicong into trouble, called Panda TV, was founded by the wealthy young businessman in 2015 to run a live-streaming video platform.

In response to the controversy, Pusi Capital said the matter was caused by the fact that Panda TV had gone bankrupt.

Pusi said in a statement from yesterday that Sicong was dealing with the matter and would solve the problem as soon as possible.

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
She was stopped at the border in Beijing Capital International Airport earlier this year
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.

ADVERTISEMENT

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.

See more top stories from DailyMail
139
shares
Comments
MOST READ NEWS
Nigel Farage says Boris Johnson made a ‘ridiculous’ attempt to ‘buy me’ with a peerage before he…

Squatter, 38, is jailed for 16 weeks after he ruined a Remembrance Sunday two-minute silence by…

‘I’ve lost my home, my business, everything’: Woman’s tears as floods inundate her spa in submerged…

Schoolboy, 15, ‘died of overdose after drugs binge with his own MOTHER, 34, who gave him and his…

‘I’ve been burned… I’ve had boiling hot fat all over me’: Wife’s desperate plea after her chip…

Devastated father tells inquest how he begged social services for FOUR years to protect son, seven,…

I tipped off police that my husband was Midsomer murderer: Mother of two, 27, reveals how she found…

Madeleine McCann’s parents are ‘shocked and saddened’ as ‘disgusting’ Facebook troll pretends to be…

Moment a bus driver tells a black native English speaker in a wheelchair ‘I don’t understand foreign…

Labour security shambles: Emily Thornberry defends renewing Trident nuclear deterrent despite Jeremy…

Maid weeps as she secretly films a plea for help and reveals scars on her arms after her Saudi…

Concern over new EU rule that says from mid-2022 ALL new cars must be fitted with a breathalyser and…

DAY OF RECKONING: Great wall of fire bears down on Sydney as chilling graphic shows how the worst…

Girl, ten, is eight months pregnant after ‘her 15-year-old brother raped her’ in Argentina

World’s most expensive watch sells for £24.2MILLION in Switzerland with all proceeds from the…

Tories unleash their secret weapon! PR girl who loves partying with MPs and was pictured bathing in…

DON’T MISS
I’m A Celebrity 2019: Caitlyn Jenner, Kate Garraway and Ian Wright! Meet the celebrities vying to re…
Lamar Odom announces he is ENGAGED to personal trainer Sabrina Parr… three years after his divorce…
‘I’ve changed so much!’ Strictly’s Mike Bushell is gobsmacked after seeing picture proof of his impr…
Ant & Dec’s DNA Journey: Hosts send fans wild as they discover they’re RELATED and share same ge…
Millie Bobby Brown, 15, dons floral dress to attend Stranger Things screening in New York City while…
Here is how YOU can help feed a dog in need this winter using just you…
Ad Feature
Lulu, 71, has every reason to shout about her body as she poses in black swimsuit while soaking up t…
I’m A Celebrity: Declan Donnelly unveils hair transformation as he appears to ditch his grey tresses…
Chrissy Teigen labels man a ‘fing pk’ after he slammed firefighter for having a snap with her …
Laverne Cox puts on an eye-popping display in barely-there black dress during Charlie’s Angels…
Alec Baldwin’s wife Hilaria, 35, shares emotional Instagram video revealing that she has suffered a …
Paris Jackson rocks a red and black dress as she and her brother Prince attend the Ryan Gordy Founda…
Rapper Lil Reese is critically injured after he’s shot in the neck outside of Chicago
Kristen Stewart dazzles in a rainbow sequin cut-out mini dress as she poses with Naomi Scott and Ell…
Emily Ratajkowski flaunts her incredible figure as she dares to go topless as she models sexy new su…
Emilia Clarke catches the eye in a plunging ruffled dress as she cosies up to handsome co-star Henry…
I’m A Celebrity star Caitlyn Jenner, 70, claims she’s looking forward to a ‘BREAK’ from her family w…
Kim Kardashian has an impromptu photo shoot at GAS STATION as she strikes a pose with her sisters be…
Woody Allen, 83, and Soon-Yi Previn, 49, are spotted for the first time since he settled $68M lawsui…
Princess Anne the rather frisky filly! Today our hardest-working royal has a reputation as formidabl…
Camila Cabello and boyfriend Shawn Mendes put on a passionate display as they kiss courtside at an L…
Taylor Swift poses up a storm in pink cat-decorated dressing room as she rocks a sequinned mini dres…
I’m A Celebrity: ‘People think I’m a doormat’ Jacqueline Jossa says she aims to dispel misconception…
Strictly Christmas Special: Gorka Márquez will take to the floor with girlfriend Gemma Atkinson whil…
Helen Hunt, 56, looks chic in a black and white dress as she reunites with Mad About You co-star&nbs…
Stacey Solomon and Joe Swash reveal their first ever family Christmas card as tired Loose Women star…
Homeland final season trailer shows Claire Danes’ Carrie Mathison in an intense interrogation
Kim Kardashian seems to be modeling BOTH diamond rings Kanye gave her in new fragrance ad… even t…
Charlize Theron drinks champagne while sitting on the toilet in her white ballgown before larking ar…
Tim McGraw reveals the romantic 23rd anniversary gift he gave to his wife Faith Hill on The Kelly Cl…
MORE TOP STORIES
© Associated Newspapers Ltd
Contact usMobile apps
View desktop siteAdvertise with us
SyndicationTerms
Privacy & cookiesHow to complain

阅读全文 →
Harvey Yan

您有什么想法?

%d 博主赞过: