COVID-19 certainly hasn’t been kind to businesses that rely heavily on foot traffic to make a profit. Even Chinese billionaire Wang Jianlin, founder of Dalian Wanda Group and one of China’s richest men, is dealing with a financial predicament as the company’s malls and movie theatres have been forced to shut down amidst the pandemic, leaving them with a staggering 180bil yuan (S$36.7bil) debt that is due soon. Billions, not millions.
As a result, Wang Jianlin has reportedly been trying to find all sorts of ways to raise funds to make repayment. For instance, American cinema chain AMC, which was acquired by Dalian Wanda Group in 2012, is considering filing for bankruptcy to help ease their debts.
It all seems like a very dire situation, but one person who doesn’t seem to be bothered at all is Wang Jianlin’s own son, Wang Sicong, whom some of you may remember as the one who unwittingly sparked that epic ‘pickup artist training camp’ scandal thanks to a cryptic WeChat Moments post of his that mentioned Aaron Kwok’s and Wilber Pan’s wives.