Chinese media and technology group LeEco has secured a $2.4bn strategic investment from a consortium led by a private real estate developer, offering the cash-strapped company a lifeline after breakneck growth left it overextended.

Jia’s LeEco, the sprawling conglomerate with interests ranging from electric cars and TVs to entertainment, announced Friday its cash crunch was almost over after winning 16.8 billion yuan in strategic investments, mostly from Sun Hongbin’s Sunac China Holdings Ltd. Jia declared he’ll now use the money to “far surpass” China’s three biggest internet companies: Baidu Inc., Alibaba Group Holding Ltd. and Tencent.

Sunac has become the cash-starved business enterprise’s second-largest shareholder after announcing on Friday it has agreed to acquire an 8.61 per cent stake in Leshi Internet Information & Technology, LeEco’s video streaming business, for 6.04 billion yuan, as well as a 15 per cent stake in LeEco’s film production unit, Le Vision Pictures, for 1.05 billion yuan.

LeEco Mobile will be released several flagship mobile phone in this year, we guess may LeEco Le 3, LeEco Le 3 Pro, LeEco Le Max 3, etc. We will continue to track reports it.