LeEco secures over $2 bn investment from Sunac
Beijing, Jan 14 (IANS) Chinese internet and technology conglomerate LeEco has secured over $2 billion in investment from real estate developer Sunac China Holdings, media reports said.
Through this investment Sunac would acquire 8.61 per cent stake in LeEco’s Shenzhen-listed unit Leshi Internet Information and Technology Corp, Beijing.
“The company believes that the investment will bring a better return on capital for the company and will have greater room for cooperation with Leshi in the field of industrial real estate, and will also bring continued benefits to the further growth of the company’s property business,” South China Morning Post quoted Sunac Chairman Sun Hongbin, as saying.
Sunac also plans to acquire a 33.5 per cent stake by investing $1.15 billion in LeEco’s television hardware subsidiary Leshi Zhixin Electronic Technology.
In November 2016, LeEco announced receiving $600 million in funding from Chinese institutional investors.