Chinese technology company LeEco has received a fresh round of funding from Sunac China Holdings, according to the stock exchange filing made by the property developer on Friday. 

LeEco is believed to be in financially dire position. Last year, its founder and chairman Jia Yueting had admitted that the company was facing financial issues due to its fast growth rate in different businesses. The company managed to raise a number of funding rounds after this announcement.

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Sunac has announced its plans to invest nearly $880 million in LeEco's Shenzhen-listed unit Leshi Internet Information and Technology Corp. through its real estate subsidiary Sunac Real Estate. It will acquire 8.61 percent stake in lieu of the investment.

Furthermore, it will invest another $1.15 billion in Leshi Internet's subsidiary Leshi Zhixin, known for making internet-enabled smart TVs, for 33.5 percent stake. Sunac will also allocate $150 million to Leshi Pictures, LeEco's film production company, to acquire a 15 percent stake.

Sunac said that the investment will strengthen the collaboration between the two companies and may join forces in diverse areas such as smart homes, intelligent devices, and real estate. Sunac is also hopeful that LeEco investment will help in industrial real estate area as well.

LeEco is likely to continue innovating as the company unveiled the Faraday Future FF91 electric vehicle along with two new smart bicycles at the recently concluded Consumer Electronics Show 2017. 

TagsLeeco, Sunac, Leshi Zhixin