Following more than a year of financial and market struggles, the once prominent manufacturer LeEco is now allegedly putting the building housing its headquarters up for sale. That's according to reports out of the company's base of operations in China, with the rumor reportedly starting within some real estate circles within the country. According to those reports, the roughly 215,000 square foot building, which is located in Beijing, is being sold at an asking price of $211 million.
Meanwhile, however, it may be best to take the news with a grain of salt. Interestingly enough, the reports also claim that the building has already been mortgaged by LeEco subsidiary and sister-company, Leshi Holdings. That mortgage reportedly prevents the building from being sold normally. It may be that the company could require the help of an external security company to get the process moving if they do intend to sell. Local real estate experts have said that would be a high-risk move, to begin with, in addition to being a difficult task to actually accomplish, with consideration for the company's current standing. Moreover, neither LeEco or its subsidiaries have come forward to confirm that any such sell is planned or taking place. So it may just be that LeEco is not looking to sell the property after all. It is thought that selling the property could help the company pay down some of its current debt - which is estimated at around $3 billion.
This news, of course, follows a trend that has been happening with LeEco over the course of the year. Back in May, the company was forced to lay off no fewer than 70 percent of its US workforce, after it attempted to expand into the market too quickly. That blow came just days after the company's founder, Jia Yueting, stepped down as CEO of Leshi. More recently, court orders have seen assets of both LeEco and Yueting frozen, as the company slips further into financial problems. With this latest rumor, and given the year it has had, it does not appear as though LeEco is going to be catching a break anytime soon.