‘CHINA’S LEECO TO SELL
Silicon Valley site will be sold for US$260m, says source
CHINESE technology conglomerate LeEco is looking to sell a 46.5ha United State Silicon Valley property less than a year after buying it from Yahoo Inc, sources said, in what is the latest effort by the firm to ride out a cash crunch.
LeEco, one of China’s most ambitious companies that grew from a Netflix-like video website to a business empire spanning consumer electronics to cars within 13 years, is struggling to support its goals that include beating Elon Musk’s Tesla Motors in premium electric vehicle making.
LeEco’s billionaire founder and chief executive Jia Yueting admitted in a letter to staff in November that the firm was facing
Apple Inc plans to build new research facilities in Shanghai and Suzhou on top of centres already slated for Beijing and Shenzhen..