Chinese tech conglomerate LeEco is in talks to sell a prized property asset in the heart of Beijing it acquired in a $420 million deal last year, the latest effort by the electric car-to-smartphone behemoth to raise funds amid a severe cash crunch.
The company plans to sell either all or a majority of its Shimao Gongsan retail property in a popular area on the east side of Beijing by divesting from two firms it owns, two people with direct knowledge of the matter said. LeEco has been in talks with potential investors for some months now, the first person said.
Reuters could not immediately ascertain the identity of the potential investors or the likely deal price, but one of the people said the discussions are in an advanced stage and the price likely will be higher than what
Read Original :China’s LeEco plans sale of $420 million Beijing real estate: Sources