Bank resumes credit line for employees of struggling LeEco

Updated 2017-07-26 15:12:13

(ECNS) -- China Construction Bank said it has resumed the credit card line of most employees with struggling Chinese tech group LeEco after previously lowering their credit limit to just 1 yuan (.14).

The credit card center of China's second-largest commercial lender said it adjusted figures in accordance to requirements after reviewing LeEco's business operations and potential fallout.

It also said 95 percent of customers had their credit lines restored following assessment while the rest are being processed.

The technology conglomerate has been under growing pressure from its creditors and business partners. Founder Jia Yueting has resigned from the debt-laden firm as chairman of its main listed unit, Leshi Internet Information & Technology, a position now held by Sun Hongbin from investor Sunac China. Payment of wages and social insurance for LeEco employees has reportedly been delayed.

On July 25, @baiyunfei, a user of microblogging platform Sina Weibo, posted a text message from the bank that told him his credit card line was cut to 1 yuan. In later inquiries, he was asked to confirm if he works for LeEco.

But @baiyunfei said he left LeEco four years ago after working in its IT department for three years. His experience became an online hit as LeEco's future attracts widespread attention.

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