Chinese tech firm buys Silicon Valley property for $250m

Yahoo has sold a development site in Santa Clara, Calif., for approximately $250 million to a Beijing-based technology company, LeECo, also known as Leshi Internet Information & Technology.

The sales price has more than doubled since Yahoo purchased the land in 2006 for $106 million.

The 48.6-acre property is located near U.S. Highway 101 and the newly constructed Levi’s Stadium. It has been used as a parking site for Levi’ Stadium events. The new owner plans to build a 3 million-square-foot headquarters.

LeEco makes a variety of products including smartphones, TVs and electric cars.