Battered by COVID, Chinese showbiz elites auction properties
The coronavirus-induced economic downturn has hit Chinese billionaires in the entertainment industry, whose financial struggles are now making headlines in mainland media.
Hong Kong actor Jackie Chan and Beijing actress Gan Wei are among celebrities who have their properties auctioned off, while showbiz tycoon Zhao Benshan is listing his private jet for sale.
Zhao Yi-han, the mogul’s daughter best known for broadcasting her opulent lifestyle through livestream, recently revealed her family’s financial problem on social media. Her request for a car that cost around HK$7.93 million (US$1.023 million) was rejected. “It is time to be frugal and stop spending recklessly,” Zhao was told by her mother.
Zhao Benshan is listing his private jet for sale.
Meanwhile, her father is actively looking for buyers to take over his private jet, which is worth HK$226 million and requires a yearly maintenance fee of HK$5.66 million, at half price.
One of the most prominent figures in China’s entertainment industry, Zhao is best known for his comedy skits, which he turned into a business empire. His fall from grace began in 2014, when he was caught up in the country’s anti-corruption purge.
Chinese netizens also spotted Jackie Chan’s luxury properties in Beijing in an online auction scheduled at the end of the month.
The bidding price of his 1,217.5 square meter condo starts at HK$80 million, online information shows. Chan’s company said that the flat is owned by the property developer instead and is being auctioned off as the developer is caught in financial troubles.
Meanwhile, a 193 square meter property along with a parking space owned by Beijing actress Gan Wei was sold for HK$27.42 million via Ali Auction, an online auction platform under Alibaba Group.
Gan is the ex-wife of Jia Yueting, founder of Leshi Holding Group. The apartment was liquidated to settle the group’s swamp of debts and two other apartments owned by the former couple will also be auctioned off, mainland media reports.
Jia, an embattled Chinese tech tycoon and CEO of American EV start-up Faraday Future, filed for bankruptcy last October. According to court filings, he now has a personal debt of 2 million yuan (US$292,670). The two divorced this February.
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