Sunac, the property developer, has added to worries it is overcommitting capital by extending another loan to LeEco, the struggling tech company.
Leshi Internet and Information Technology, LeEco’s Shenzhen-listed arm, will receive Rmb1.8bn ($271m) to fund daily operations. In exchange, Sunac will increase its equity stakes in LeEco subsidiaries, including half of the LeCloud video service.
LeEco’s problems became apparent last year after the founder acknowledged the group had expanded too quickly. Its current cash crunch is now raising concerns its decline could pressure Sunac, its primary investor.
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