For Jia Yueting, who remains at the heart of the current controversy, it seems that the rumors and speculations won't subside until he finally steps onto a flight back home.
These days, the biggest question surrounding LeTV is whether Jia Yueting's supercar is truly a supercar or just a glorified vehicle? On July 15th, Professor X (X_Man_Investment) and Dr. Gu Yingqiong from the media disclosed that ID: dryingqionggu had exposed Jia Yueting's luxurious American home, along with a substantial amount of publicly available property registration photos in the U.S., sparking significant public reaction.
The news about Jia Yueting’s alleged escape quickly became a hot topic of discussion. On July 16th, LeTV SuperCar issued a statement addressing these reports, clarifying that the so-called private real estate was actually purchased three years ago by LeTV at the start of their U.S. operations. It does not belong to Jia Yueting personally but is instead used as LeLe Auto’s Los Angeles office and reception space. Located close to LeTV’s R&D headquarters, the property is intended for business purposes rather than personal use.
Regarding the claim that these properties were primarily for Jia Yueting’s family vacations in the U.S., LeTV SuperCar dismissed this as nonsense. Since Jia Yueting entered the U.S. car market in 2013, there has been no family residing in these homes for holidays. They emphasized that such misunderstandings portrayed Jia Yueting as overly wealthy, negatively affecting both LeTV and his reputation.
Here is the full text of LeTV SuperCar’s statement:
[Image of the statement]
Jia Yueting himself shared the statement, humorously thanking people for labeling him as "rich" while transforming the century-old dream of the automotive industry. Only those who understand the context truly appreciate this sentiment.
[Image of Jia Yueting's tweet]
Sun Hongbin, Chairman of Sunac China, also came forward in support of Jia Yueting. After learning from LeTV, Sun Hongbin reposted the statement, adding, "I’ve stayed here twice. There’s still hope in Jia Yueting’s hands. He’s still young. We should show tolerance for failure. In this environment, we must support his indomitable entrepreneurial spirit."
This marks the third major event involving Jia Yueting since the music chain crisis erupted on July 3rd, with Sun Hongbin being the first to publicly express his backing.
Five Villas Worth Over $40 Million on One Street
One of the most talked-about aspects of the exposure of Jia Yueting’s luxury homes was his earlier claim of being the poorest CEO in the world, living in a house less than 200 square meters. On July 15th, Professor X noted that given the transparency of the U.S. real estate registration system, he quickly searched for Jia Yueting’s properties in Los Angeles County and discovered that Jia Yueting had purchased five villas on the same street in California.
Here are some images of the exposed villas:
[Images of the villas]
According to Professor X's estimation, the total value of these five villas now exceeds $40 million. Villa No. 91 Margaret Avenue, for instance, reportedly has four bedrooms, seven bathrooms, and covers around 780 square meters.
Dr. Gu Yingqiong, another prominent media figure, mentioned that Villa No. 7 on Margaret Avenue, the world’s earliest exposed villa, was purchased by a Californian company for $7 million on August 29, 2014. The company, Ocean View Drive INC, was established on August 26, 2014, with Jia Yueting as its sole controller, and Chaoying Deng, LeTV’s assistant vice president, acting as the broker.
Will Jia Yueting Return?
Although LeTV clarified that the luxury home was not personally owned by Jia Yueting and Sun Hongbin publicly supported him, public interest seems to have shifted away from Jia Yueting’s U.S. business endeavors and towards his return status. According to a report by Sina Tech, Jia Yueting arrived in the U.S. on July 5th, Beijing time, where he met with the LeTV and FF (Faraday Future) teams to discuss future work plans.
On July 3rd, some media outlets reported that China Merchants Bank Co., Ltd. Shanghai Chuanbei Sub-branch had applied for asset preservation from the Shanghai High People's Court on June 26, 2017, seeking to freeze Jia Yueting and Gan Wei’s bank deposits, as well as some of the company's music video assets, totaling approximately RMB 1.237 billion, or other properties subject to seizure or detention.
Following the release of this news, Jia Yueting left for the U.S. the next day, sparking numerous speculations.
On July 6th, LeTV announced that Jia Yueting would resign as chairman and step down from his key positions within LeTV to focus entirely on achieving the fastest mass production of FF91. In his statement, Jia Yueting expressed his commitment to taking responsibility for LeTV employees, users, customers, and investors.
Later on July 11th, Jia Yueting posted on his personal Weibo that, to ensure timely product delivery, the FF 91 high-end factory would relocate to a new site, with existing facilities undergoing full renovation and equipment procurement to expedite mass production.
Despite Jia Yueting's dedication to FF91, the freezing of domestic assets, unpaid employee salaries, supplier debt collection, and reports of U.S. luxury homes indicated that LeTV had reached a critical juncture.
At this crucial moment, Jia Yueting’s wife, Gan Wei, stepped forward to urge her husband against leaving under such circumstances. Gan Wei stated on Weibo, “In an age when internet media spreads rapidly, we are all self-media. Whether these fast-moving internet messages serve us or swallow us depends on our wisdom. I don’t want to see sensationalized news reports driven by various interests. Rumors stop with the wise. Our family resides in Beijing.â€
She also addressed rumors circulating about the family’s financial situation and the allegations of Jia Yueting taking the entire family hostage.
However, what do people care about most? When will Jia Yueting return to China? LeTV informed Xinhua News on July 13th that “General Jia will return to China in the near future, possibly within one or two weeks, depending on the progress of U.S. issues.â€
This suggests that the previously planned return within “about ten days†has been delayed. Today (July 17th), LeTV will hold a second extraordinary shareholders' meeting to elect a new leader. Jia Yueting is anxious about potentially missing this event.
For Jia Yueting, who remains at the center of the storm, it seems that rumors and guesses will persist until the moment he boards a flight home.
Comprehensive Editor: Liu Dongsi
Reference Sources: Sina Technology, Sina Automotive, Xin News, Daily Economic News, First Financial
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