On the afternoon of January 7, Gan Wei, who returned to China to tackle her husband Jia Yueting’s debt issues, shared another update on Weibo. She revealed that through the combined efforts of herself and the debt resolution team, some debts have been partially settled via asset sales and repayments, marking a meaningful step forward in addressing the financial challenges.
The key developments include:
1. The sale of Leshi Mall's core quality assets for 92.9 million yuan to Lele, a subsidiary of LeTV, which helped settle part of the listed company's debts.
2. The transfer of Cool Co., Ltd. for HK$807 million, directly offsetting a portion of China Merchants Bank's debt (approximately HK$1.4 billion in principal and interest), achieving a repayment rate of nearly 60%.
Gan Wei also mentioned that she plans to continue engaging with China Merchants Bank to request a freeze on a proportional share of frozen assets, aiming to better manage repayments to more creditors. She hopes the bank will understand and support her efforts.
In response to her post, many netizens praised her as a “good wife,†and she has been likened to Liu Tao, the so-called “second virtuous wife†in the entertainment industry. Since returning to China alone and taking on the responsibility of managing the debts, she has drawn comparisons to Liu Tao, who famously helped her family recover after her husband’s financial troubles.
Earlier, the Beijing Securities Regulatory Bureau had ordered Jia Yueting to return to China by December 31, 2017, to fulfill his obligations as the company’s actual controller. However, on the last day of 2017, only Gan Wei returned—Jia Yueting did not.
Upon her return, Gan Wei took to Weibo to announce her commitment to resolving her husband’s domestic debts. She also clarified that Jia Yueting had significantly reduced his shareholding, resulting in a loss of $9.7 billion in income and paying over 2 billion in taxes. He also pledged loans worth RMB6.9 billion, with interest expenses totaling 1.74 billion since 2014. His equity investment was around 16 billion, and operating investments were approximately 15.2 billion. None of these funds were used for personal or family purposes, and he even guaranteed over 10 billion yuan for the company. Both his personal and family assets have since been frozen and heavily indebted.
But can Gan Wei truly follow in Liu Tao’s footsteps and revive the family business? While both women are actresses, Gan Wei has a limited acting career, mostly tied to LeTV. Before marrying Jia Yueting, she appeared in several TV dramas, and her reputation and status were strong. However, unlike Liu Tao, who managed to shoot 25 TV dramas in four years to help pay off 400 million in debts, it may be challenging for Gan Wei to achieve similar results given her current level of fame.
While she may not be as active in front of the camera, Gan Wei is known for her strong network of contacts within the entertainment industry. In the past, she helped bring several celebrities onto LeTV as shareholders. But after the company faced a crisis, those connections faded, and she now finds herself relying on fewer resources.
Still, Gan Wei has shown business acumen. In 2015, she invested in the online drama "Prince of the Prince" as an investor and oversaw its production. The show became a massive hit, accumulating over 2.7 billion views. It also brought commercial success to LeTV, featuring stars like Zhang Tianai and Sheng Yilun.
Gan Wei may well be the “good wife†and “strong woman†that Jia Yueting needs, but the real solution still lies with him. Her efforts are commendable, but the long-term recovery of LeTV depends on more than just her dedication.
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