Wang Sicong brought down to earth
Wang Sicong, online celebrity and son of Chinese real estate and film industry tycoon Wang Jianlin, has been restricted from high-end consumption following disputes involving Panda TV by a local court following a contract dispute.
Panda TV was closed down on March 30 this year after it removed its apps from the Apple Store and Google Play on March 7.
According to an official order posted online, Jiading District People's Court accepted the case on August 12 this year. Since Panda TV did not fulfill its duties according to the execution notice in time, its owner Wang Sicong was banned from high-end consumption, including buying real estate, staying in high-end hotels or spending at nightclubs or golf courses, selecting high-level classes on flight, trains or ships, and paying high premiums. Tourism and vacations are also prohibited.
Earlier news showed Wang Sicong blacklisted by Beijing No.2 Intermediate People's Court on Monday as owing some 150 million yuan (US$22.4 million).
Besides Panda TV, Wang Sicong is also the chairman of Prometheus Capital, known in China as “Pusi Capital,” a private equity company, which was founded with 500 million yuan his father gave him. Last month, the fund’s equity was frozen by a Shanghai court.