LeEco’s rapid expansion has cost it dearly. The company is downsizing in all of its key market, including, India, U.S. and China.

Chinese company LeEco which wanted to be the next Apple in the tech world is set to tone down its dream with the company deciding to sell its 49 acres property where it wanted to build its Silicon Valley HQ.

LeEco had big plans for the U.S. market, including developing a “Tesla killer” electric car. Unfortunately its rapid expansion drained its cash reserves.

In a letter from Jia Yueting, the company’s co-founder, states that LeEco had “blindly sped ahead, and [its] cash demand ballooned. [It] got over-extended in [its] global strategy.”

The Chinese company now plans on selling its 49 acre site to the Chinese Genzon Group for $260 million. In 2016, it had acquired the property for $250 million.

When asked to respond to requests for comment, Genzon confirmed the site’s sale is under negotiations, but did not mentioned anything beyond that.

LeEco had wanted to turn the property into an open environment HQ, which it called the EcoCity which would have housed 12,000 of its employees.

LeEco has not only reportedly downsized its workforce in the U.S., it has done so in China and India too.

The near future looks a little gloomy for the company. Even the electric vehicle that it was working on with Faraday Future, a US company is unlikely to see the light of day since, it’ financials are also in dire straits.