Beijing (PingWest)- A Chinese court will auction real estate in Ningbo owned by indebted billionaire Jia Yueting to help repay CNY534 million due to creditors, sources familiar with the matter told Cailian press.
China’s stock market regulator issued an order on December 2017 for Jia to return home before the end of 2017 to pay billions of Yuan owned by LeEco’s listed unit Leshi Internet Information & Technology. Jia missed deadline for his return as he explained via social media to creditors and the regulator, saying he needed to stay in California to focus on his electric car startup Faraday Future
Jia’s wild ambition, which is to lead LeEco to become a world-leading companies that produce everything from smartphone to high-concept electric car, causing LeEco fell into debt crisis.
Jia founded LeEco in 2014 as LeTV, an online video stream platform that quickly grew to become an early market leader. LeEco made its debut on the Shanghai Stock Exchange in 2010.