LeEco 'to snap up prime real estate from Yahoo'
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E-mail China Daily, May 3, 2016
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A new-energy car developed by LeEco on display at an auto show in Beijing last month. LeEco will establish its North American headquarters in San Jose, which will also be the future home of its self-driving R&D center.[Photo/China Daily] |
Tech giant Yahoo Inc has reached a deal to sell a 20-hectare undeveloped site in Santa Clara, California, near the heart of Silicon Valley and 6 kilometers from the company's Sunnyvale headquarters, to Chinese internet company LeEco Holdings Ltd, according to the Silicon Valley Business Journal.
Yahoo has revealed that it might sell real estate as part of its restructuring plan, and media reports said in December that Yahoo was preparing to sell the site.
The deal has not yet been closed, according to the new report. And the purchase indicates a rapid expansion plan for LeEco, which has been involved in diverse businesses, making phones, TVs, mountain bikes and soon electric cars, and that it is tapping into the entertainment and sports sectors.
Yahoo had bought property in Santa Clara for $106 million in 2006, when the company's revenue was still growing and the site was estimated to accommodate more than 12,000 workers, said the report.
Yahoo had also got an approval to build up to 279,000 square meters of office or research and development space on the site, in 13 buildings. However, the construction never began.
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