Looking for a buyer for 1.4 billion yuan, LeEco Tower's debt is complicated and difficult to sell
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The LeEco Tower, located on the East Fourth Ring Road, is a landmark building that witnessed the glory of LeEco's expansion period. However, as the crisis of LeEco continues to ferment, it may be sold as a whole. The reporter learned that LeEco Tower is indeed looking for a buyer, but the seller may not be LeEco Holdings. And because the asset is mortgaged and has not yet been released, it is extremely difficult to sell it and it is difficult to find a buyer. As LeTV's headquarters building, most LeTV companies currently need to rent space from the property management company if they want to continue to work here. Since the LeTV building was mortgaged in 2016, LeTV companies working in the LeTV building have to rent the building's space and pay rent regularly, and each company bears the relevant expenses. However, LeEco companies within LeEco Tower are also moving. As the separation of the two systems accelerates, most of LeEco's listed companies have moved out of LeEco Tower, while LeEco's non-listed companies outside LeEco Tower are gradually returning. Looking for a buyer for 1.4 billion yuan, the seller is not LeEco Holdings Recently, there was news that the LeTV Building, which covers an area of 20,000 square meters and is located at the northeast corner of Chaoyang Park Bridge on the East Fourth Ring Road, may be sold as a whole with a quoted price of 1.4 billion yuan. A real estate agent told reporters: "Someone has indeed entrusted the intermediary to sell LeTV Building, and it is urgent to sell, but the house still needs to be verified. At present, the seller requires the intermediary to keep his information confidential." It is understood that LeTV Building is an asset of LeTV Holdings. It was previously mortgaged and has not yet been released. LeTV Building was originally named Hongcheng Xintai Building. After Jia Yueting purchased it in 2014, Hongcheng Xintai Building was officially renamed LeTV Building. At that time, LeTV's employees increased rapidly, and the original office building could no longer keep up with the speed of LeTV's expansion and recruitment. Therefore, LeTV Holdings, owned by Jia Yueting, purchased Hongcheng Xintai Building, and LeTV companies moved into the building as a whole. Since then, LeTV Building has become the headquarters building of LeTV Group, which is affiliated to LeTV Holdings. However, due to financial constraints, LeTV Building was once mortgaged by Jia Yueting. However, he may be currently involved in multiple debt disputes and may also face the risk of being sealed off by the court. In November 2016, in view of Yidao's difficulties in obtaining loans, LeEco Holdings used the LeEco Building under its name as collateral and obtained a joint loan of 1.4 billion yuan with Yidao within the LeEco auto ecosystem as the main body. Of this fund, only 100 million yuan was used for Yidao, and the remaining 1.3 billion yuan flowed into the LeEco auto ecosystem. According to reports, LeEco used Nanjing Bank (8.070, -0.09, -1.10%) as a channel to mortgage LeEco Tower. The 1.4 billion yuan loan came from Zhongtai Chuangzhan Holdings Co., Ltd., with a term of two years, an annual interest rate of 8%, and a total interest of 224 million yuan. In addition, private equity fund Hengtian Wealth also stated that the LeEco series funds were not jointly guaranteed by Jia Yueting personally, but LeEco Tower was used as collateral. However, the reporter learned that with the outbreak of LeEco's capital chain problems, several creditors have targeted one of the few assets under LeEco Holdings - LeEco Building, which may have been involved in multiple debt disputes. "In fact, it is not LeTV Holdings that intends to sell LeTV Tower this time. Previously, LeTV Holdings and Yidao borrowed 1.4 billion yuan from a company using LeTV Tower as collateral. Now this company believes that LeTV Holdings cannot repay the loan and is preparing to sell the collateral (LeTV Tower). And because of concerns that LeTV Tower may be involved in other disputes, the company is in a hurry to sell it." A person close to LeTV revealed to reporters. However, it is extremely difficult to sell LeTV Building. A lawyer in the industry said that during the mortgage period, the mortgagor may not transfer the mortgaged property without the consent of the mortgagee, except where the transferee pays off the debt on behalf of the mortgagor to extinguish the mortgage. "LeTV Building is still mortgaged and has not yet been released. During the mortgage period, if the mortgagor transfers the mortgaged property without authorization, the transfer shall be deemed invalid. If this part of the assets is to be sold, the seller must repay the loan on his own and release the mortgage before trading again. Or the buyer can repay the loan on behalf of the seller with a down payment and release the mortgage before trading again. The assignee who obtains the ownership of the mortgaged property can pay off all debts on behalf of the debtor, thereby eliminating the mortgage right. After paying off the debt, the assignee can seek compensation from the mortgagor. However, it now appears that Jia Yueting no longer has the funds to repay this amount." said the lawyer. How to arrange after-sales employees of LeTV companies that rent LeTV Building? Currently, many companies in LeEco's listed system are still working in LeEco Tower, while most of LeEco's non-listed system companies have moved out of LeEco Tower, with only LeEco Mobile and LeEco Holdings still in place. LeEco's listed system (New LeEco) companies include LeEco.com (15.330, 0.00, 0.00%), LeEco Video, LeEco Zhixin, LeEco Pictures, LeEco Finance, and LeEco Cloud. LeEco's non-listed system companies include LeEco Holdings, LeEco Mobile, LeEco Sports, and LeEco Auto. It is reported that with the separation of LeEco's listed and non-listed systems, LeEco Auto, which is part of LeEco's non-listed system, has long moved out of LeEco Tower and rented a separate office space. Only LeEco Mobile and LeEco Holdings still have a small number of office staff in LeEco Tower. However, departments of LeEco's listed system are slowly returning to LeEco Tower, and LeEco's terminal customer service system just returned to LeEco Tower two weeks ago. The reporter learned that although LeTV Tower has been mortgaged, LeTV Holdings is still responsible for its daily management. Most of the companies affiliated with LeTV need to rent the space and offices in LeTV Tower from Hongcheng Xintai Property. If LeTV Tower is sold, the placement of employees of LeTV companies will also become a problem. An insider of LeTV revealed to the reporter: "The property rights of LeTV Tower are currently owned by the holding company, but it was mortgaged in 2016. In fact, we are only renting LeTV Tower now, and the rent is paid to Hongcheng Xintai Property." Regarding the sale of LeTV Tower, he said: "We are not affected by the sale of the building. We will either move or change the 'landlord' to renew the lease, mainly depending on factors such as rent." As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity. |
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