Why Sun Hongbin took a shine to LeEco

The Chinese property tycoon's bold investment in a sprawling, troubled technology play raised eyebrows. Investors are nervous, but there are grounds for optimism, too.

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.

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