The founder of Phoenix TV, Liu Changle, who recently quit his business and liquidated his shareholding, is rumored to be selling his mansion in San Gabriel Valley, Los Angeles for $7.6 million, causing speculation. The mansion is registered under his daughter’s name. Liu Changle himself was announced to resign as Chairman of the Board and Executive Director of Phoenix Satellite Television after one of his sons-in-law was criminally detained by the police in Haikou, Hainan Province, on suspicion of illegal fund absorption, and a case was opened for investigation.
The company’s chairman and executive director resigned from Phoenix TV, Liu Changle sold his Los Angeles mansion for $7.6 million. According to the Central News Agency (CNA), the deed of the house in San Gabriel Valley, which was cited by Dirt on June 2, was purchased for $4 million in 2004. After buying the “contemporary Mediterranean” style mansion, Liu transferred the property to his twin daughters, Liu Diao and Liu Didi, according to the information. One of them attended a law school in Los Angeles, but both have now moved back to China. In fact, the mansion has been rarely occupied in the past 10 years.
According to the U.S. real estate website Redfin, Liu Changle’s mansion was built in 1997 on more than 5.4 acres (nearly 2.19 hectares, about 6,610 pings) in a local high-end residential area, a two-story building with a total interior area of more than 8,000 square feet (about 225 pings) and seven rooms and eight bathrooms. It has 7 rooms and bathrooms, and a great outdoor view of downtown Los Angeles and the San Gabriel Mountains.
According to the report, Liu Changle, who comes from the Chinese Communist Party’s People’s Liberation Army and Chinese media, founded Phoenix TV in 1996 as a businessman and has served as chairman of the board and chief executive officer for years, and is also a standing member of the Chinese National Committee of the Chinese People’s Political Consultative Conference. However, in September 2020, Phoenix Financial, a company affiliated with Phoenix TV, had a financial crisis that affected many investors and put Liu Changle’s family under enormous pressure. In April, Liu sold most of his shares to Bauhinia Culture Group and Hong Kong’s Shun Tak Group, of which Bauhinia Culture Group is a Chinese-owned company.
The Central News Agency said that on May 5, He Xin, the head of Phoenix Financial and Liu Changle’s son-in-law, was criminally detained by police in Haikou, Hainan Province, on suspicion of illegal fund absorption, and a case was opened for investigation. Phoenix then formally announced on June 22 that Liu Changle had resigned as chairman of the board and executive director and was replaced by Xu Wei, and that Zijing and Xinde had also moved in at the same time, becoming the media directly controlled by Beijing in name and in practice. According to the report, the news that Liu Changle would sell his Los Angeles mansion at this time immediately led to speculation.