Billionaire’s Son Spends Over $407K in a Party Even When His Father is Now Billions in Debts Due to COVID-19

Yes, it sounds like the plot for a Korean Chaebol drama, but it’s something that’s happening in the world right now.

With the Covid-19 pandemic, businesses everywhere are suffering, especially if you’re dealing in the lifestyle area.

Even one of the richest man in China, Wang Jianlin, isn’t immune and found himself billions of dollars in debt.

In this situation, the last thing you need is a family member spending a lot of money on a daily basis.

And yet, that was what Wang has to deal with.

Billionaire’s Son Spends Over $407K in a Party Even When His Father is Now Billions in Debts Due to COVID-19

On 20 Oct 2020, netizens uploaded a video of Wang’s son, Wang Sicong, partying at a high-end bar.

He was surrounded by beautiful ladies and was seen interacting intimately with one of them.

Turns out, it was the patrons’ lucky day because Wang’s son was in such a good mood he decided to buy 200 bottles of Armand de Brignac champagne for everyone in the bar.

Each bottle costs 10,000 yuan (S$2,035), which means for just drinks alone, he had spent 2 million yuan (S$407,000).

Again, do we need to emphasise that his father was billions of dollars in debt and desperately looking for ways to pay it back?

A Lavish Lifestyle

Wang’s son has always been known for his lavish lifestyle.

While it stopped temporarily last year when he was having some financial troubles, it seems like the disputes have been resolved, and he’s back at it again.

Wang frequently share images of his beloved husky on social media with Apple smartwatches, stacks of iPhones and designer bags.

He had also once spent 2.5 million yuan (S$509,000) in one single night at a KTV in Beijing.

No one would bat an eye if that happened last year, but we all know 2020 is a very different year.

Father in Financial Troubles Due To Covid-19

Wang Jianlin is the founder of Dalian Wanda Group.

From their website, it’s a private property developer and owner of Wanda Cinemas and the Hoyts Group.

Basically, developing malls and other lifestyle destinations.

With Covid-19, foot traffic has dropped to an all-time low and the group’s shopping malls and cinemas were forced to shut down.

According to 8Days, Wang Jianlin is now 180 billion yuan (S$36.7 billion) in debt and payment for the debts are due soon.

You know what they say, right?

A person can change, but it’ll take time.

Let’s hope Wang’s son can change in time for him to reverse the situation, and not when it’s too late.