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    For China's High-Flying Tycoons, A Precarious Balance

    Last year, China produced 101 new billionaires. But some tycoons are falling from grace — whether due to corruption, debt or their own bad investments.
    by Anthony Kuhn Nov 28, 2017 3 minutes
    Debt collectors gather at Beijing's Radegast Hotel, where LeTV, a LeEco subsidiary, held its interim shareholders general meeting on July 17.

    Sitting on a small stool in the lobby of Chinese electronics firm LeEco's Beijing headquarters, contractor Fu Hangxia remembers the company's glory days just a couple of years ago.

    "They wanted to create a miracle," Fu says. "They did everything to the highest standards, and burned through a lot of money."

    Fu's business boomed, as he produced the product launches and built stores for LeEco in China's southwest Sichuan and Chongqing regions.

    Every time LeEco unveiled a new smartphone, with futuristic ads and theatrics and auditoriums packed with devoted followers, it reminded

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