LeEco, the Chinese phone (and other devices) maker currently facing a tight cash crunch, has done off with its US headquarters property.
Located in San Jose over a 49-acre plot, LeEco sold the property to a Chinese developer group. Interestingly, LeEco will continue to use the plot but will now pay lease to the new buyer.
The cash-strapped Chinese firm had previously bought the piece of land from Yahoo! and grabbed headlines. LeEco had paid Yahoo! $250 million for the property, and that should help you guess around how much it got back.
This comes weeks after LeEco fired more than 80% of its workforce in India, showing signs of being troubled with a lack of cash. According to reports, LeEco is now considering cutting down on its US workforce as well.
LeEco have had a tough year or so, here’s hoping to see the Chinese giant come back with a bang.