Editor's Note: Every day brings big news and new hotspots. While everyone is still focused on the recent press conferences of Wanda, Sunac, and R&F Properties, waiting for the next major headlines, Jia Yueting, the former focal point of these events who now resides in the U.S., seems to have momentarily stepped away from the center of the storm, seeking a bit of peace.
But we mustn’t forget that there are many people in the country eagerly awaiting his return. At the shareholder meeting on the 17th, a representative from LeTV stated that Jia Yueting is still in the U.S., working to raise funds, adding that "he just needs time."
So, how much time does Jia Yueting need to secure funding? Or, how much is he losing in the meantime?
On July 18, the Daily Economic News (WeChat ID: nbdnews) exclusively reported that Ocean View Drive had mortgaged two villas and five parcels of land in California to Lone Oak Fund, a lender, securing a $10 million loan.
[Attached Image: A map showing the locations of the properties leased by Ocean View Drive]
According to earlier estimates by the reporter, the total purchase price of the real estate leased by Ocean View Drive was approximately $19 million.
Yesterday, informed sources told the Daily Economic News reporter that the loan from Ocean View Drive to Lone Oak Fund had already been repaid. Currently, Lone Oak Fund is no longer the lender for Ocean View Drive.
Further investigation revealed that in June, Jia Yueting took out two mortgage loans. After clearing the initial loan at the start of the month, he quickly opted to mortgage even more property to gain greater liquidity, despite bearing higher interest rates. What does this indicate?
[Attached Image: An advertisement featuring Jia Yueting in Beijing]
Early June: First Pledge with Lone Oak Fund
The Daily Economic News (WeChat ID: nbdnews) reported on July 18 that in the loan agreement signed between Ocean View Drive and Lone Oak Fund at the beginning of last month, the collateral included the two villas located on the 7th and 19th Avenue of Grit Avenue, as well as five open spaces.
According to local agency registration information in the U.S., the two villas were purchased on August 29, 2014, and September 14, 2015, respectively, at prices of $7.107 million and $7.427 million. All five open spaces were purchased on August 29, 2014. Since their acquisition, the land has remained undeveloped, with no construction activity recorded to date.
However, where exactly did Ocean View Drive use the $10 million obtained through these properties? Was it for LeTV, LeTV itself, or Jia Yueting's personal expenses? The reporter could not confirm this further.
July 19, the Daily Economic News (WeChat ID: nbdnews) reporter uncovered some new developments regarding Ocean View Drive's loan situation.
On the Lone Oak Fund's official website, which signed a loan contract with Ocean View Drive on June 9th, the reporter noticed a recent transaction update:
[Attached Image: Transaction details from Lone Oak Fund]
Doesn't this look familiar? Let's revisit the image of the mansion on Margaret Avenue provided by American real estate agent Zillow.
[Attached Image: Villa on Margaret Avenue]
It’s clear that despite differing angles, both images depict the same villa, one of the luxury homes used by Ocean View Drive.
According to information released by Lone Oak Fund, the details of this loan are as follows:
• Total loan: $10 million
• Type of transaction: Cash refinancing
• Collateral: Two beachfront luxury residential properties
• Location: Palos Verdes, California
• Loan purpose: Supplemental liquidity for other business activities
• Exit strategy: Permanent debt or asset sale
• Loan term: 6 months
• Interest rate: 7.9%
• Origination fee: 1%
Regarding why the five parcels mentioned earlier were excluded from the loan program, the Daily Economic News reporter emailed Lone Oak Fund LLC but received no response, citing borrower privacy protection.
However, an American lawyer explained to reporters that "the content on the loan company's website might not be entirely accurate, and legally, it will still be based on the loan documents."
An anonymous source familiar with the loan details informed the Daily Economic News that the $10 million real estate loan had been repaid by Ocean View Drive. Lone Oak Fund is no longer the lender for Ocean View Drive.
End of June: Second Loan to Hankey Capital
Perhaps seeking more financial support, or possibly due to urgent funding needs for the LeTV car project, the Daily Economic News noticed that within a month, Jia Yueting approached another loan company, attempting to secure additional funds.
In the previous report on the 18th, the reporter mentioned that last month on the 29th, Ocean View Drive also signed a trust deed with a lending institution called Hankey Capital. Due to the close signing time of the contract, the relevant information cannot be found online.
However, recently, the Daily Economic News reporter discovered a photo on Hankey Capital's official website:
[Attached Image: Loan details from Hankey Capital]
The following image is a picture of the mansion on the 7th Margherita Avenue found on Zillow.
[Attached Image: Villa on Margherita Avenue]
These two images are identical, indicating that Hankey Capital's loan business involves the Ocean View Drive mansion.
Based on available information, this financing was a bridge loan, refinancing four sets of homes and additional land owned by Ocean View Drive, with a pledge rate (LTV) of 75%. Ocean View Drive obtained a loan amount of $19.7 million. From this, the market value of the pledged real estate was estimated to be as high as $26.26 million.
The Daily Economic News reporter also inquired about the common parameters of Hankey Capital's bridge loan program. The company typically uses a single loan method, with an interest rate ranging from 8.5% to 12%, and the highest pledge rate reaching 80%. The loan term is generally 9 to 36 months.
In other words, within a month, Jia Yueting took out two mortgage loans, repaying the previous loan, and securing a significantly larger loan amount, essentially upgrading his borrowing capacity. At the same time, due to the increase in loan amounts, the mortgaged assets also expanded, moving from the original "two units + five plots" to the latest "four units + additional land," and the latest loan company's interest rates are higher than those of Lone Oak Fund (8.5%~12% vs 7.9%).
In summary, within a month, Jia Yueting didn’t hesitate to pledge more assets, borrow more funds, and bear higher interest rates. These details clearly underscore his desperate need for funds.
Written by Sun Yuting
Edited by Zhao Yun
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