(Yicai Global) July 29 -- A Beijing commercial complex owned by controversial Chinese businessman Jia Yueting sold at auction today for more than CNY1.6 billion (USD248 million), following several abortive attempts. The hammer price represents a 40 percent discount to its assessed value.

The Shimao Gongsan building in Beijing’s Chaoyang district sold after a 24-hour auction, according to information posted on the website of the China Beijing Equity Exchange.

The starting price for the high-end complex was CNY1.64 billion, with an estimated value of CNY2.9 billion. The final price was just CNY5 million higher than the asking price. The CBBE did not disclose who the buyer was.

Shimao Gongsan was built by Shimao Group. Leshi Holding, controlled by LeEco founder Jia, spent CNY2.97 billion in 2016 to acquire Beijing Junshi Science & Technology Culture Communication Center, which owns the building.

The court put Leshi Holding’s assets up for grabs after the Beijing-based company plunged into a financial crisis in 2017.

Junshi Science & Technology was put into auction three times in 2019, but to no avail. The auction of Shimao Gongsan, as an independent target and at a starting price of CNY2.05 billion, was also aborted in April.

Jia left for the United States in 2017 with the aim of manufacturing cars, and has not returned since. Leishi Holding owes more than CNY10 billion, according to market estimates.

Jia announced his personal bankruptcy in the US last June. Most of his debts will be reorganized into his electric vehicle startup Faraday Future, which joined the Nasdaq on July 22 through a special purpose acquisition company.

Shares of Faraday Future [NASDAQ: FFIE] closed up 6.4 percent at USD12.18 yesterday, still lower than its issue price of USD13.78, giving it a market value close to USD4 billion.

Editor: Peter Thomas