U.S. PROP­ERTY’

New Straits Times - - Business -

a “big com­pany dis­ease” and bat­tling a cash crunch after ex­pand­ing at an un­prece­dented rate.

But less than a month prior to the let­ter, amid much fan­fare at LeEco’s of­fi­cial US launch at the Palace of Fine Arts in San Fran­cisco, Jia had out­lined plans to build its North Amer­ica head­quar­ters at the Sil­i­con Val­ley site.

“This prop­erty will be an EcoC­ity that houses 12,000 em­ploy­ees,” said Jia at the time.

Now cash-strapped and strug­gling to re­pay a pile of debts to sup­pli­ers and busi­ness part­ners, LeEco plans to sell the US site to lit­tle-known Chi­nese de­vel­oper Gen­zon Group for US$260 mil­lion (RM1.15 bil­lion), US$10 mil­lion more than what the firm paid for it in June, said a source with knowl­edge of the deal. Reuters

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