Sunac China calls Leshi investment a 'failure', books $2.6b charge

Sun Hongbin, chairman and chief executive officer of Sunac China Holdings Ltd., listens during a news conference in Hong Kong, China, on Tuesday, March 24, 2015. Photographer: Jerome Favre/Bloomberg via Getty Images

Sunac China described as “a failure” its investment in debt-laden Leshi Internet Information & Technology Corp Beijing and said it would book a charge of $2.6 billion, sending shares of the tech firm down as much as 8 percent.

Leshi is unable to raise more funds, said Sunac Chairman Sun Hongbin – widely viewed as a white knight after he announced a 15 billion yuan ($2.38 billion) investment for the crumbling LeEco group, of which Leshi has been the main listed vehicle.

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