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Sunac, the property developer, has added to worries it is overcommitting capital by extending another loan to LeEco, the struggling tech company.
融创(Sunac)加剧了投资者对其过度投资的担忧，因为这家房地产开发商向陷入困境的乐视(LeEco)提供又一笔贷款。
Leshi Internet and Information Technology, LeEco’s Shenzhen-listed arm, will receive Rmb1.8bn ($271m) to fund daily operations. In exchange, Sunac will increase its equity stakes in LeEco subsidiaries, including half of the LeCloud video service.
乐视在深圳上市的公司——乐视网信息技术(Leshi Internet and Information Technology)将获得18亿元人民币（合2.71亿美元）用作日常运营资金。作为交换，融创将获得乐视子公司的股权质押，包括乐视云(LeCloud)视频服务一半股权。
LeEco’s problems became apparent last year after the founder acknowledged the group had expanded too quickly. Its current cash crunch is now raising concerns its decline could pressure Sunac, its primary investor.
乐视的问题在去年显现，当时其创始人承认集团扩张过快。该集团目前资金紧张，令人担忧其糟糕境况将给主要投资者融创带来压力。
“[The new loan] would certainly add the financial burden of Sunac, which is already one of the mostly highly leveraged developers in the industry,” said Toni Ho, an analyst at RHB Research in Hong Kong.
“（新贷款）肯定会增加融创的财务负担，而该公司已经是业内杠杆最高的开发商之一，”香港RHB Research的分析师Toni Ho表示。
According to RHB’s calculations, Sunac’s net gearing ratio was 393 per cent as of its interim results. By comparison, the industry average is 70-80 per cent, said Mr Ho.
RHB的计算显示，截至中期业绩，融创的净负债比率高达393%。Toni Ho称，相比之下，行业平均水平是70%至80%。
Sunac has borrowed heavily to pay for acquisitions this year. In July, it purchased $6.5bn in tourism properties sold by Dalian Wanda, a fellow developer.
融创今年已大笔借款为资产收购买单。7月，该公司向同为开发商的大连万达(Dalian Wanda)收购了65亿美元的旅游物业。
“From the company’s perspective, given that they are already very highly leveraged, the [new loan] will add further [leverage],” said Mr Ho.
“从该公司的视角看，鉴于杠杆已经很高，新贷款将进一步加大杠杆，”Toni Ho表示。
Sunac declined to comment.
融创拒绝置评。
In January Sun Hongbin, Sunac’s chairman, gave LeEco a $2.4bn emergency lifeline in exchange for control over the tech group’s core business in film, television and music.
融创董事长孙宏斌今年1月向乐视提供了24亿美元的救急款，以换取这家科技集团在电影、电视和音乐领域核心业务的控制权。
As part of the loan agreement, Mr Sun also consolidated his leadership over LeEco’s day-to-day operations. He was named LeEco’s new chairman in July and Jia Yueting, LeEco’s founder, resigned as head of LeEco’s listed arm.
作为新贷款协议的一部分，孙宏斌还巩固了他对乐视日常运营的领导地位。他在7月份被任命为乐视网新任董事长，而乐视创始人贾跃亭辞去了乐视网董事长职务。
News of the new loan comes just days after Mr Jia and his sister said they were unable to fulfil loan commitments owed by their listed arm, according to a stock filing.
新贷款的消息传出几天前，根据一份监管申报文件，贾跃亭及其姐姐表示，他们无力继续履行无息借款予上市公司的承诺。
Mr Jia ranked 31st on last year’s Hurun China Rich list, with estimated wealth of $6.3bn.
贾跃亭在去年的胡润百富榜上名列第31位，估计财富达63亿美元。
As part of it efforts to resuscitate LeEco, Sunac mandated all its branches buy LeEco televisions, according to an internal notice leaked online, the authenticity of which was confirmed by Xinhua, China’s state news agency.
根据一份在网上泄露的内部通知（其真实性得到官方的新华社的证实），作为抢救乐视的一部分，融创已指示其所有部门购买乐视电视。
