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Wanda Group Chairman Wang Jianlin's son Wang Sicong (L3) attends the opening ceremony of his friend's new store at Sanlitun on May 16, 2017 in Beijing, China.

The son of a Chinese billionaire has been banned from flying first class, playing golf, buying property, or going clubbing

Wang Sicong, the heir of Chinese real estate mogul Wang Jianlin's estimated $12.5 billion fortune, is said to have a personal debt of $21.6 million.

The son of a Chinese billionaire just bought his dog $9,584 worth of iPhones

Coco the Alaskan malamute is now the proud owner of eight new iPhone 7 models. And it's all thanks to Wang Sicong, the son of a billionaire.

China’s rich kids have been banned from becoming reality TV stars

A government-issued ban restricts celebrity offspring from appearing in reality TV shows.

China’s richest man just gave Beijing a reality check

"China needs to drop the fantasy of keeping a high growth rate of 7% or 8% and just accept 6%, 7%, or even 5% percent."