LeEco founder's Beijing office to go under hammer

(ECNS) - The office building of streaming company LeEco founded by embattled Chinese entrepreneur Jia Yueting will go up for auction on Nov. 18 after he filed for bankruptcy in the U.S..

Beijing Third Intermediate Court said online auction of the 14-story building in the capital’s Chaoyang District will have a starting price of 678 million yuan ($96 million), with the property’s actual appraised value at some 969 million yuan.

The court’s statement also said Le.com – the Leshi Internet Information & Technology company founded by Jia – has first right to purchase the property.

The judicial auction was initiated by Jia’s creditor Zhejiang Zhongtai Chuangzhan Enterprise Management. 

Jia still faces a series of lawsuits and litigation over debts that remain unresolved in China.