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Leeco Gets Fresh $2.18 Billion Investment From Property Developer Sunac

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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Jia Yueting, co-founder and head of Le Holdings Co Ltd, poses for a photo in front of a logo of his company in BeijingChinese technology conglomerate LeEco has secured a new round of investment worth 15.04 billion yuan ($2.2 billion) from property developer Sunac China Holdings , according to a stock exchange statement made by Sunac on Friday. Last year LeEco's founder and chairman Jia Yueting said that his company was facing financial obstacles due to the rapid pace of growth in various businesses, but the company soon afterwards announced it had secured commitments for $600 million to support its automotive and other high-tech businesses. Sunac, through its real estate subsidiary Sunac Real Estate, said on Friday it plans to invest 6.04 billion yuan in LeEco's Shenzhen-listed unit Leshi Internet Information and Technology Corp Beijing , by acquiring an 8.61 percent stake.




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