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A Kris Wu-related Chinese Billionaire has received asset restrain order following the male idol being arrested

The assets of billionaire Qi Jianhong have been frozen by a Beijing court. Following Kris Wu’s scandal, his company hit a snag as well.

On September 10, Sina reported that Qi Jianhong‘s assets, including cars, real estate, and bank accounts, had been frozen by a Beijing court. It’s known that he is the chairman of Yaolai Film and Television, the management unit of Wu Yifan.

This billionaire was listed as untrustworthy because of late repayment.  The debt Qi Jianhong has to execute is more than $173 million.

According to Sina, Qi Jianhong is having trouble repaying loans to partners. Kris Wu’s sex scandal also caused a significant reduction in the stock price of Yaolai.

In 2016, Yaolai signed a contract with Kris Wu after he returned to China.  For many years, the male singer has had the support of Jackie Chan and owner Qi Jianhong – a powerful figure in Yaolai.

According to Sohu, in 2017, Qi Jianhong ranked 199th in the list of China’s richest billionaires.  He owned a fortune of 16 billion yuan. 

Meanwhile, Wu Yifan is now being detained and investigated for alleged sexual assault at Beijing’s Chaoyang Prison. According to Sina, the idol singer’s case involves 47 persons, with more over half of them being celebrities. Companies that enter into economic transactions with Kris Wu are also being probed as the male idol is also accused of tax evasion. 

Source
zingnews

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