LeEco, the Chinese technology firm behind startup electric car company Faraday Future, has reportedly agreed to sell off 49 acres of land in Silicon Valley less than one year after purchasing it. Back in June of 2016, LeEco founder and CEO Jia Yueting said the property, which was purchased from Yahoo, would be used to build his company's US headquarters. "This property will be an EcoCity that houses 12,000 employees," the Chinese billionaire is reported to have said.

Now, according to Reuters, LeEco will offload the land in California to Chinese developer Genzon Group. On the plus side, LeEco made $10 million on the $260 million deal. On the negative side, this likely means LeEco won't be building its US headquarters any time soon. In a statement to Reuters, LeEco said, "We are not yet ready to share plans for the land as we are still in the initial planning phase." It's certainly possible that part of Genzon Group's 140,000-square meter office building will be leased by LeEco, but we'll just have to wait and see.

This $260 million cash injection couldn't come at a better time. LeEco, in part because of its huge investment into electric vehicles, is burning cash so fast that Jia Yueting called it a "big company disease" in a letter to employees last November. The money shortage has caused Faraday Future to drastically scale back the construction of its plant in Nevada from a proposed five million square feet to around 650,000 square feet. Still, the company hasn't yet altered from its stated plan to launch its FF91 electric vehicle by the end of next year.

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