Wang Jianlin Faces High-Value Consumption Restrictions Amid Financial Struggles

Wang Jianlin, the chairman of Dalian Wanda Group, faces restrictions on high-end spending imposed by a Gansu court. The restriction stems from a case involving 186 million yuan. In financial distress, Wanda plans to sell 48 Wanda Plaza shopping malls to investors, reports indicate.

In a significant development, Wang Jianlin, once China's richest man and chairman of the prominent Dalian Wanda Group, has been subjected to consumption restrictions. A Gansu province court has barred him from engaging in high-value spending activities, as confirmed by information provider Qichacha and local media reports.

This legal constraint is connected to a case filed against Dalian Wanda and its affiliates, involving an enforcement amount of 186 million yuan, as reported by the state-run Beijing Daily. This restriction prohibits spending on luxury goods, services, or high-end hotel stays.

In another strategic move reflecting financial strains, Wanda plans to divest 48 of its expansive Wanda Plaza shopping malls, selling them to a consortium of investors, according to a June report by The Paper. The exchange rate stands at $1 to 7.1328 Chinese yuan renminbi.

(With inputs from agencies.)