On October 30, the verge, the US technology media, reported that Jia Yueting bought a new $3 million (21.14 million yuan) mansion in August before applying for bankruptcy. The 3300 square foot home is located on the hills of Los Angeles Palos Verdes Peninsula, not far from the coastal mansion he already owns.
According to people familiar with the matter, Jia Yueting now holds an L-1 visa, which is suitable for all kinds of Chinese enterprises to do business in the United States, provided that his company must operate well, which means that Jia Yueting may be forced to return to China.
Jia Yueting still has veto power over some decisions of FF and will continue to be the companys chief product and user officer, the report said. According to the bankruptcy filing, the current monthly salary is 50000 US dollars, about 350000 yuan. Lawyers said the plan proposed by Jia in his bankruptcy application was just a trick to get rid of his debt and a strategy to comfort investors. A former senior FF employee agreed, saying the bankruptcy filing was shooting at the head of creditors. Since the plan does not mention who will run the company in the future, lawyers doubt that Jia Yueting will step down or otherwise relax his control over FF.
In addition to Jia Yueting, FF is also heavily indebted with a total debt of $801 million.
Jia Yuetings debt processing team said that as part of the personal bankruptcy and reorganization plan, a committee composed of creditors and a creditor trust controlled and managed by the trust trustee will also be established at the same time, and all assets and related income of Jia Yueting determined by the U.S. court will also be transferred to creditors in this way. After the completion of the scheme, Jia Yueting will no longer hold any shares in faradayfuture (FF).