Wang Jianlin sees luxury ban after Wanda fails to repay US$260m

A Chinese court has imposed spending restrictions on billionaire Wang Jianlin, founder of the Wanda Group, after the conglomerate and its subsidiaries failed to repay debts totaling 1.86 billion yuan (US$260 million).

The order, issued today by the Lanzhou Intermediate People’s Court, bans Wang from taking flights, high-speed trains in premium class, staying in luxury hotels, purchasing property, or sending children to expensive private schools. The move follows the case entering forced execution proceedings in July, according to Tianyancha, a data platform providing information about Chinese enterprises.

A Wanda insider told financial news outlet Cailian Press today that the restriction stemmed from an economic dispute involving a subsidiary project company. The person said both sides had been negotiating to resolve the issue and suggested the order may have resulted from “information asymmetry at the enforcement level.”

Wanda Group, once China’s largest commercial property developer, has faced mounting financial pressure. Earlier this month, Beijing’s financial court listed the company as a judgment debtor in another 400 million yuan case, reported Red Star News.

Public records show Wanda currently has at least 11 active enforcement cases totaling more than 5.2 billion yuan, and shares in multiple subsidiaries have been frozen.

Founded in 1992, Wanda’s business spans commercial real estate, hotels, cinemas and retail.

Wang was China's richest man with an estimated fortune of 260 billion yuan in 2015, according to the Hurun Global Chinese Rich List.