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