SHENZHEN, China – Wang Jianlin, chairman of Chinese conglomerate Dalian Wanda Group, and once China’s richest man, has been restricted from high-value consumption by a court in Gansu province, according to information provider Qichacha and reports in local media.
The restriction, which prohibits high-end spending on luxury goods, services or hotels, relates to a case filed against Dalian Wanda and several affiliates in July and an enforcement amount of 186 million yuan ($26.08 million), according to the state-owned Beijing Daily.
In June state-run The Paper reported that cash-strapped Wanda would sell 48 of its giant shopping malls, known as Wanda Plaza, to a consortium of investors. — Reuters
