When Jia Yueting, the founder of Chinese technology company LeEco, got a visit from one of the country’s billionaire property tycoons in December, he thought it would be little more than an informal catch-up, according to someone close to the situation. But as Sun Hongbin peppered the younger man with questions, it was clear he had something very specific in mind.
Sun, the chief executive of Sunac China Holdings, asked Jia whether he had considered a strategic partnership. He discussed the possibility of Sunac moving into other industries. The two men shared their thoughts on the prospects of LeEco, a sprawling technology conglomerate.
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