‘CHINA’S LEECO TO SELL

Sil­i­con Val­ley site will be sold for US$260m, says source

New Straits Times - - Business -

HONG KONG

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

BLOOMBERG PIC

Ap­ple Inc plans to build new re­search fa­cil­i­ties in Shanghai and Suzhou on top of cen­tres al­ready slated for Bei­jing and Shen­zhen..

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.