Mainland “bankrupt princess” mansion auction, her father’s ten billionaire fall

May 9 news, Ali auction official website shows that two sets of properties located in the Chaoyang District of Beijing Jianguomenwai Street, No. 2 courtyard, Building 1, 48 floor 5101, 5102 auction ended, the starting price of about 120 million yuan, valued at 180 million yuan. After 62 delays the dust finally settled at 166 million yuan.

The house valuation of 180 million yuan is still outrageously expensive in Beijing’s inch-of-land lots. In 2008, the average price of this property reached six figures per square foot, which was the most expensive unit price in Beijing at the time.

The owner of the property was the parents of Qi Meihe, one of China’s most famous rich white men and women: Zhu Shuang and Qi Jianhong. Qi Meihe is a rich young princess who has been chasing after stars in the entertainment industry and standing in the C-suite with many big names. Her father is the chairman of Yolai Group, Qi Jianhong, who is mainly engaged in luxury-related business and later turned to film industry.

In his early years, Qi Jianhong was in the business of luxury goods. He started from trade and foreign trade and seized the opportunity of Hong Kong and foreign businessmen entering the mainland market, making Yolai the largest luxury goods agency group in mainland China. Since then, Qi Jianhong has gradually shifted his focus to the film and television industry, and has produced a number of well-known films for Yolai Film and Culture Media Co.

However, the good times did not last long, as Qi Jianhong’s accelerated entry into the film and television industry coincided with the hot years of China’s film and television capital. The number of theaters and screens was on the rise, and the box office was growing at an annual rate of 30 percent, with a 48 percent jump in 2015. After Qi Jianhong’s capital operation, he injected Yolai Culture, which he actually controlled, into Wentou Holdings and became the second shareholder of Wentou Holdings. Wentou Holdings did achieve growth in the next two years, but due to the inability of the existing cinema operation and management level and business system support capacity to grow proportionally with the number of stores, the operating capacity of the cinema and overall box office revenue declined in 2018, with a loss of RMB 49.73 million.

Qi Jianhong was also in trouble in 2018, and Qi Meihe, the “princess”, became the “bankrupt princess”. In October 2018, Qi Jianhong was listed as an executor by the Beijing Second Intermediate Court. In November of the same year, Qi Jianhong was subjected to consumption restriction measures and exposed to bankruptcy by the court for failing to fulfill the payment obligations determined by legal documents within the period specified in the aforementioned enforcement notice.