hiddenJun 21, 2016 13:17:45 IST
The mega-valuation of developmental land for offices in Silicon Valley shocked the real estate agents and companies keeping tabs on real estate industry in the area. LeEco, a Chinese technology company paid about $250 million for a stretch of 48.6-acre site. The site was approved by the city to house around 12,000 workers in 3 million square feet of buildings according to Bruce Lawrence, a banking consultant.
The land was bought by Yahoo in 2006 when it paid about $106 million for the same and now stands to profit about $143 million profit over the original amount as reported by Breitbart.
This comes right after a continued bidding war between major telecommunication companies for Yahoo Inc's legacy email service and other Internet-related units. According to a Reuters report, AT&T and Verizon have been chosen as third round finalists in an auction for core internet assets from Yahoo. This war was the direct result of FCC February ruling where it decided to adopt strong, sustainable rules to protect the Open Internet.
LeEco's move into buying raw land in Silicon Valley gives us the hint of its impending launch in USA where it will launch its video streaming services along with the smartphone business, Internet TV and IOT enabled electric cars. Currently, the company is in negotiations with the rights holders for video content in the USA.
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