Former mainland Chinese actor Li Yapeng, who has been out of the entertainment industry for many years, divorced singer Faye Wong in 2013 and remarried Miss World Harlow Haykin, who is 19 years younger than him, in 2022. Due to Li Yapeng’s 40 million yuan debt, which the court ordered to be enforced and restricted high consumption, Haykin, who revealed the progress of debt repayment in a live stream last year, recently confessed in a video that their “economic situation is not good.” The family has moved out of their large mansion and now lives in a rented smaller house.
On May 14, Haykin uploaded a video on social media announcing, “We’re moving again.” In the video, she woke up her sleeping daughter “Xiaxia” early in the morning and told her, “We are moving to a new home.” The footage shows the 3-year-old daughter tearfully packing her belongings, reluctant to say goodbye to her room, a heart-wrenching scene. Facing the camera, Haykin said, “This time we are moving to a smaller house. Ah, we need to cut expenses due to the bad economy, it’s something our family has to face.” She remains optimistic, saying, “As long as the family is together, no difficulty is insurmountable.”
Over the past two years, Li Yapeng’s family has experienced several moves. They initially lived in a large villa but had to sell it due to the 40 million yuan debt from previous real estate investments. They then moved into a large flat, paying around 70,000 yuan per month in rent. Li Yapeng has been making money through short videos and live streaming to pay back the debts bit by bit. However, after two years of struggling, their financial situation has not improved. They have now rented a smaller house in Beijing, rumored to cost 7,000 yuan per month, only a tenth of their previous rent.
Li Yapeng rose to fame in the 1990s with popular works like “Finish the Love to the End” and “The Smiling, Proud Wanderer.” While many expected him to continue producing great works at that time, he has always had a strong passion for being a businessman alongside his stardom.
In 2013, Li Yapeng spent 193.8 million yuan acquiring a 51% stake in the Lijiang Snow Mountain Art Town and planned to invest 3.5 billion yuan in a high-end cultural tourism project, trying to monetize his “business passion.” However, due to overpricing and unclear positioning, only about 30 villas were sold in two years, leading to his financial ruin.
Following that, Li Yapeng’s business ventures continued to fail. His 800 million yuan bet on new energy cars failed due to technical shortcomings, a 500 million yuan investment in tea sales stalled due to a lack of branding, and his attempt to compete with Maotai liquor with “Lifting the Pot” liquor failed due to poor quality and cheap packaging, causing market rejection.
To some industry insiders, each of Li Yapeng’s business fields has its deep-rooted challenges, and he, relying solely on his star power and idealism, found it difficult to establish himself.
In 2023, Li Yapeng made headlines for owing his employees 60,000 yuan in wages, was listed as “untrustworthy subject” by the court, and faced restrictions on high-speed rail and air travel. Despite his efforts in live-streaming sales as a rescue attempt, doing 98 live streams within 180 days with sales totaling 260 million yuan, high operating costs and debt pressures left him with minimal profit.
Li Yapeng’s business strategy could never escape the “passion narrative,” leading to a vicious cycle of “the harder you work, the more you lose.” Transitioning from an actor to a businessman, Li Yapeng’s transformation seemed like a high-stakes gamble, with netizens joking that he is the “black hole of investment.”
A year ago, Haykin was asked in a livestream, “Has Li Yapeng paid off his debts?” She awkwardly replied, “Not yet, isn’t he live streaming to earn money to pay off the debts? Isn’t the new tea launching now? So he has to go around, find good tea for everyone, and those who need it can support him in the livestream.”
After watching Haykin’s video announcing the family’s move, netizens left comforting comments like “a small house brings harmony” and advised Li Yapeng to “put aside pride and return to acting, there should still be a market for it, going back to what you do best is a good investment.” However, some questioned where Li Yapeng stands now, with China’s economy declining, fierce competition in the entertainment industry, and severe internal competition.