Dalian Wanda scion opens ultra-luxurious hotel in Shanghai

Shanghai's first ultra-luxurious 'seven-star' hotel

Shanghai will officially welcome its first "seven-star" hotel on Saturday, located smack dab on the famed waterfront known as The Bund, news site reported this week.

Built by 28-year-old Wang Sicong, better known as the son of Chinese real estate billionaire Wang Jianlin, the 3.4 billion yuan ($516 million) Wanda Reign on the Bund hotel was designed by award winning British architect, Norman Robert Foster.

While Wang the younger has long been in the public eye, it wasn't necessarily for any previous signs of business acumen.

The junior Wang and his dog became social media celebrities for engaging in extravagant antics of the type commonly associated with China's second-generation rich kids, known as fuerdai. Wang blew 2.5 million yuan in a night out at a Beijing KTV earlier this year.

In May of last year, the junior Wang went viral, managing to outrage Chinese social media users by posting photos to his dog's Weibo account after he strapped two gold Apple watches to the pet's legs.

To be fair, junior Wang is also the chairman of private investment firm Prometheus Capital.

The hotel, which officially opens on Saturday, featured opulent installations and a French fine-dining restaurant by Michelin chef Marc Meneau.

Global hotel rating systems, including China's official ranking, stop at five stars, but hospitality marketers and commentators have been sticking extra stars on luxury properties they think outdo prevailing standards.

Dubai's Burj al Arab hotel, among the world's tallest hotels, has also garnered the seven-star status. Its features include revolving beds and a fleet of chauffeur-driven Rolls Royces and it reportedly charges as much as $20,000 a night.

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