A subsidiary of Beijing-based film studio Huayi Brothers is in contract to sell an 8.4-acre site in a gated community in Bel Air.
The property at 10701 Levico Way is the only undeveloped lot in a community with four private homesites. The three other parcels in the assemblage are developed and occupied. Huayi Brothers’ property went into contract with a last asking price of $35 million, according to a listing on Zillow. The movie producer first listed the parcel in July at the same price.
The sale would represent a successful flip for Huayi, which is asking price more than double the $17.1 million it paid for the parcel in 2016, records show.
Rendering of a proposed development on the lot (Compass)
The identity of the buyer is unknown. Aside from the property, the unknown buyer also gets a leg up in the permitting process. The parcel is packaged with designs from architectural firm SAOTA and homebuilder Luxford Group. Compass’ Michael Chen, the listing agent for the property, did not respond to a request for comment.
Huayi, which is credited for producing American movies such as “Bad Moms” and “The Edge of Seventeen,” has had a rough time over the past few years, culminating in the resignation of its CEO last year. In 2018, the firm was linked to a tax evasion scandal involving Fan Bingbing, one of China’s most famous actresses. The scandal led to the Chinese Communist Party assuming a role in the company’s operations.
The depths of its problems can be glimpsed in the red ink it reported for 2020, when its production of “The Eight Hundred” was the highest-grossing film in the world, with $450 million at box office.
The company has been linked to a well-known luxury property near its Bel Air land. James Wang, one of Huayi’s co-founders, listed the “Upside Down” house in Beverly Hills for $32 million.