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Wanda Chairman Wang Jianlin’s Only Son Named as Debtor In China

Variety logo Variety 7/11/2019 Rebecca Davis
© Imaginechina/REX/Shutterstock

A Chinese court has named the only son of Dalian Wanda chairman Wang Jianlin – one of China’s richest men – as a debtor owing at least RMB150 million ($21.5 million), Chinese reports said Thursday.

The allegations against Wang’s son Wang Sicong were put up in a statement on the official website of China’s supreme court. The younger Wang is currently the chairman of the private equity firm Prometheus Capital, which he set up with RMB500 million ($72 million) of his father’s money back in 2009. The company’s equity was frozen by a Shanghai court last month, Reuters cited a corporate database as saying.

The younger Wang was prone to making headlines in years past for his flashy spending habits, trumpeted to the public via social media posts such as photos of a $400,000 karoake bill, the time he bought eight iPhones for his dog or dressed the pet in a pair of Apple watches. Like many of China’s wealthy scions, he was educated overseas, first in Singapore and then the U.K.

Dalian Wanda was flying high in years past with high-profile, deep-pocketed overseas entertainment acquisitions, snapping up the Atletico Madrid soccer club and Legendary Entertainment. But the conglomerate fell out of government favor in 2017 and has since been retrenching, including by selling off most of its tourism portfolio to Chinese developer Sunac in one of China’s largest property deals in history. Last year, its revenues declined for the third year in a row.

The elder Wang’s riches have been impacted accordingly. While he was China’s richest man on numerous lists back in 2016, he has now fallen to fourteenth place according to Forbes, down from fourth place last year.

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