In May 2025, late at night in Wang Jianlin's office in Beijing, the 70-year-old was poring over 48 transfer agreements of Wanda Plazas. His knuckles turned white from gripping them tightly. Outside the window, the neon lights of Guomao Phase III were still dazzling, but they couldn't brighten the exhaustion in his eyes. The 131.6 billion yuan debt of Wanda Group had made him emaciated, and the 16 billion yuan of equity frozen in the past six months was like a sword hanging over his head. At this moment, in the presidential suite on the top floor of the Burj Al Arab in Dubai, on the other side of the earth, Wang Sicong was putting an 18-carat diamond necklace around his girlfriend Lanlan's neck. A private jet was quietly waiting on the tarmac. This round-the-world trip across Europe, Asia, and Africa was expected to cost over 23 million yuan. On social media, netizens were in an uproar: "Lao Wang is selling plazas in China to pay off debts, while his son is squandering money abroad. This rich second generation is so irresponsible!"

2025年5月，深夜，北京王健林的办公室里，70岁的他正仔细研读着48份万达广场的转让协议。他紧紧攥着协议，指节都泛白了。窗外，国贸三期的霓虹灯光依旧璀璨，却无法驱散他眼中的疲惫。万达集团1316亿元的债务让他身形消瘦，近半年被冻结的160亿股权，犹如悬在头顶的利剑。此刻，在地球另一端的迪拜帆船酒店顶层总统套房里，王思聪正在给女友懒懒戴上一条18克拉的钻石项链。一架私人飞机在停机坪静静待命。这趟横跨欧亚非的环球之旅预计花费超过2300万元。社交媒体上，网友们纷纷热议：“老王在国内卖广场还债，儿子却在国外挥霍无度。这个富二代太不懂事了！”



Wang Sicong's overspending has deep roots. He was born in 1988, when Wang Jianlin had just founded Wanda three years ago and was constantly shuttling between construction sites and government departments. Due to his parents' busy careers, little Sicong grew up with nannies. From noble schools in Singapore to the UK, his pocket money was higher than the annual income of an ordinary family. At the age of 16, he used his saved New Year's money to buy his first Porsche. When Wang Jianlin learned about it, he just smiled and said, "It's normal for boys to like cars. Dad supports you." In 2009, Wang Jianlin gave his son 500 million yuan to "practice hands". Wang Sicong founded Pusi Capital and invested in e-sports, live streaming, and cultural entertainment, which once thrived. On the day when the IG team won the championship, he celebrated high - profilely on Weibo, and the title of "National Husband" resounded across the Internet. However, in 2019, Panda Live went bankrupt, and he was burdened with 2 billion yuan of debt and restricted from high - consumption. But Wang Jianlin quietly paid off the debt for him.

王思聪的挥霍由来已久。他出生于1988年，那时王健林创立万达才三年，整天奔波于工地和政府部门之间。由于父母事业繁忙，小思聪是由保姆带大的。从新加坡到英国的贵族学校，他的零花钱比普通家庭的年收入还要高。16岁时，他用积攒下来的压岁钱买了人生第一辆保时捷。王健林得知后，只是笑着说：“男孩子喜欢车很正常，爸爸支持你。”2009年，王健林给了儿子5亿元 “练手”。王思聪成立了普思资本，投资电竞、直播、文娱等领域，一度发展得风生水起。IG战队夺冠那天，他在微博上高调庆祝，“国民老公” 的名号响彻全网。然而，2019年熊猫直播破产，他背负了20亿债务，还被限制高消费。但王健林悄悄替他还清了债务。

Wanda's crisis began in 2017. That year, Wang Jianlin's announcement of "asset transfer" attracted regulatory attention, and bank loan withdrawals came in like a tide. Wang Sicong's pan - entertainment investments also began to fail, with Banana Project and Panda Entertainment suffering successive losses. But the real turning point came in 2024: UAE capital injected 60 billion yuan in exchange for a 60% stake in Wanda, and Wang Jianlin lost absolute control. Consequently, Wang Sicong's right to inherit dissipated. The old father had already made arrangements. In 2023, Wang Jianlin asked his son to establish Huanju Commercial Management Company to undertake the operation of Wanda Plazas. This "off - balance - sheet" strategy not only avoided the entanglement of Wanda's debt but also reserved business resources for Wang Sicong. By 2025, the assets managed by Huanju exceeded 6 billion yuan, with more than 70 projects in cultural tourism, night entertainment, and national - trend incubation. However, the public only saw Wang Sicong traveling around the world by private jet with his girlfriend and didn't notice that he frequently appeared in Wanda's, studying business cases late into the night. The Taian Cultural and Tourism Fitness Center project he led had close cooperation with the local government, and Wang Jianlin even exclaimed, "He's finally getting the hang of it."

万达的危机始于2017年。那年，王健林宣布 “资产转移”，引发了监管部门的关注，银行抽贷如潮水般涌来。王思聪的泛娱乐投资也开始暴雷，香蕉计划、熊猫互娱接连亏损。但真正的转折点出现在2024年：阿联酋资本注资600亿，换取万达60% 的股份，王健林失去了绝对控制权，王思聪的继承权也随之消失。老父亲早有布局。2023年，王健林让儿子成立寰聚商业管理公司，承接万达广场的运营业务。这个 “体外循环” 策略，既规避了万达债务的牵连，又为王思聪保留了商业资源。到2025年，寰聚管理的资产超过60亿元，布局了文旅、夜娱、国潮孵化等70余个项目。然而，公众只看到王思聪带着女友坐私人飞机环游世界，却没注意到他频繁现身万达内部会议，深夜还在研究商业案例。他主导的泰安文旅健身中心项目，与地方政府合作密切，甚至让王健林感叹 “开窍了”。



In March 2025, a netizen encountered Wang Sicong in Hong Kong and found that he had already developed white hair, and his eyes no longer had their former arrogance. Insiders revealed that he was shifting from the "money-burning" pan-entertainment industry to the real economy. The "Principal Niu" steak brand he founded plans to open 100 stores next year, and he has also quietly invested in Michelin-starred restaurants and coconut chicken chains. All of this is seen by Wang Jianlin. This father, who once said he "allowed his son to fail twice", is now more willing to give his son time to grow. He knows that Wanda's crisis may be the beginning of Wang Sicong's real succession. As netizens said, "Rather than discussing whether he is worthy of taking over, it's better to ask whether the times will still give him time."

2025年3月，有网友在香港偶遇王思聪，发现他竟然长出了白发，眼神也不复往昔的张扬。知情人士透露，他正从 “烧钱” 的泛娱乐行业转向实体经济。他创立的 “牛校长” 牛排品牌计划明年开100家店，还低调投资了米其林餐厅和椰子鸡连锁。这一切，王健林都看在眼里。这个曾说 “允许儿子失败两次” 的父亲，如今更愿意给儿子时间成长。他知道，万达的危机或许是王思聪真正接班的开始。正如网友所说：“与其讨论他配不配接班，不如问时代还会不会给他时间。”

Wang Sicong's story reflects the dilemma of the rich second-generation group. When the business empires of their parents waver, the halos attached to them will quickly fade. But from another perspective, his transformation also brings hope: the once "disciplinary inspector of the entertainment industry" is evolving into a pragmatic entrepreneur. For ordinary families, this is also a wake- up call. Excessive material satisfaction may raise children like flowers in a greenhouse, while appropriate setbacks and responsibilities can enable children to truly grow. Isn't Wang Sicong's extravagance and awakening a mirror of family education?

王思聪的故事，折射出富二代群体的困境。当父辈的商业帝国动摇时，依附其上的光环也会迅速褪色。但换个角度看，他的转变也带来了希望：曾经的 “娱乐圈纪检委”，正在蜕变成务实的创业者。对普通家庭来说，这也是一记警钟。过度的物质满足可能培养出温室里的花朵，而适当的挫折和责任，才能让孩子真正成长。王思聪的挥霍与觉醒，不正是家庭教育的一面镜子吗？



Looking back at the node of 2025, Wanda's crisis may be only temporary. Wang Jianlin is selling plazas, and Wang Sicong is laying out a new game. The final answer to this father - son game may not be in the current public opinion uproar but quietly flowing in the long river of time. After all, true growth is never achieved overnight.

站在2025年的节点回望，万达的危机或许只是暂时的。王健林在抛售广场，王思聪在布局新局。这场父子局的最终答案，或许不在当下的舆论喧嚣里，而在时间的长河中静静流淌。毕竟，真正的成长，从来不是一蹴而就的。

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