LeTV Repays First Loan to CCB, Enters Negotiations for Remaining Loan
Xu Wei
/SOURCE : Yicai
LeTV Repays First Loan to CCB, Enters Negotiations for Remaining Loan

(Yicai Global) Aug. 3 -- Leshi Holding (Beijing) Co.'s listed affiliate Leshi Internet Information and Technology Corp. [SHE:300104] (LeTV) has repaid a CNY50 million (USD7.35 million) owed to China Construction Bank Co. [SHA:601939] that was due in late June, the company announced yesterday.

The troubled conglomerate is also in negotiations with the bank on a solution for a remaining CNY200 million loan due in late September.

On July 24, China Construction Bank's Beijing Guanghua branch applied for courts to freeze CNY250 million (USD36.8 million) worth of assets held by Jia Yueting, founder of the conglomerate's holding company Leshi Holding Beijing Co., and his older brother Jia Yuemin who is also director of Leshi Holding.

The court subsequently agreed to freeze the defendant's bank deposits for one year, freeze possessions for two years and real estate and other property rights for three years.

Last month Shanghai High People's Court backed China Merchants Bank's request to freeze CNY1.24 billion (USD180 million) worth of assets belonging to Jia, his wife Gan Wei, and three LeEco subsidiaries.

Follow Yicai Global on
Keywords: MSCI , Bank , Debt , Jia Yueting , LETV , Assets , Freeze