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LeEco Said To Have Put Up Its Headquarters Building In Beijing For Sale

by Jed John 5

LeEco’s financial woes are still far from over, despite efforts to salvage the once bubbling tech giant. A recent rumour from the real estate circle in China alleges that the company has put up its headquarters building in China for sale. According to local media are reports, the building is slammed with a price tag of RMB 1.4 billion ($211 million).

jiu-yueting-co-founder-leeco
LeEco Founder, Jia Yueting

The building which used to be a beehive of activities during LeEco’s hay days covers an expansive 20,000 square metres area. The once sprawling headquarters is being sold apparently to meet up with some of its debt. LeEco is estimated to have a debt burden of up to 20 billion Yuan ($3 billion).

Read AlsoTwo LeEco Subsidiaries Blacklisted for Unpaid Debts by Supreme Court in China

This is yet another reminder that LeEco is plunging deeper and deeper into financial troubles. In recent months, a number of LEco’s assets and those of its founder Jia Yueting had been frozen by court order. The building in question is even said to have been mortgaged by Leshi Holdings, one of LeEco’s subsidiaries, to seek for a loan of RMB 1.4 billion through a third-party company, and the pledge is still in effect. Thus, it may be difficult to find a buyer for the property very soon.

(source)

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  • Zero

    RIP Leeco… They failed to be the chinese Netflix and now they failed to be a company.

  • Semi

    I am so sad :((

    I had one phone of them… Le max 2, it was fucking awesome in every aspect… And the other phones they are also so good… And now they are gone 🙁
    They could get so much… If there was just no expansion to us….

    R. I. P Leeco, I will buy another phone as a tribute 😀

    • Rod

      It’s a shame, I own my second leeco, awesome os in my humble opinion, I was really hoping they could get out of this situation.

  • Achilles

    They were by far my favorite brand.
    I don’t know what went wrong with them.
    I really thought they will become the next big thing into technology.
    Great products, awesome prices, clever ideas.
    What will happen with Faraday now? It is so sad, really.
    I can’t believe that OPPO and Vivo is doing great while LeEco went bankrupt,
    whats wrong with the market!

  • Eric Van Boven

    They expanded too quickly into too many fields. Then they operated like a chinese business in America and that did not go well. Americans do not like flash sales, do not like credit cards being charged before tv ships (4+ months), and expect communication/fixes fast. Never should have gotten into the car business (leave that to Tesla), phone market is already saturated (but can see them trying atleast), TV market was rip for them but then they wanted to purchase Vizio as well and sell both brands…dumb.

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