08 February 2018
You might be living in a cave if you didn’t know that LeEco has been struggling to keep up with other tech giants in the industry. The company fired almost all its staffs in India earlier this year even after being saved by a $2B funding at the start of 2017. Amidst its financial woes, the company was forced to sell its Silicon Valley property which was followed by the shutting down of its service centers in China.
Months after Chinese courts froze over $182 million subsidiary assets of the company, LeEco is selling its Beijing Headquarters for a price of $211 million. The sale of its 20,000+ square meter building just makes it more obvious that LeEco has plunged into a much deeper crisis just a few years after it made into the electronics industry.
Though the building is now on sale for a sum of RMB 1.4 billion ($211 million), we’re not quite sure if the company will even be able to sell the property. Last year Leshi Holdings had mortgaged the company HQ for a loan of $1.4 billion through a third party firm and while the pledge might still be in effect, we doubt if the deal about selling their building might even come through. With that, we can only expect a miracle to change LeEco’s fate from turning up among the name of the companies that have met their demise in the smartphone industry.