Debt default by wealth flaunter more than just celebrity gossip

WANG SICONG, the only son of Chinese billionaire and Wanda Group chairman Wang Jianlin, has been prohibited from high consumption because he failed to comply with a court ruling. China Daily writer Wang Yiqing comments:

Wang Sicong was named by Beijing No 2 Intermediate People's Court earlier this month as personally liable in a financial dispute involving about 151 million yuan ($21.6 million) in debts. He was initially a person on whom a court order had been enforced and so did not face travel or spending restrictions. But the court has now frozen his assets and imposed a consumption restriction order on him, which means he is identified as a defaulter.

According to the court, Wang's assets including properties, vehicles and bank deposits have been seized and he is subject to the high consumption restriction order because he failed to fulfill the payment obligation required by the court.