Sunac China Holdings Ltd., one of the country's largest property developer, said it is no longer considering business diversification after its failed investment in Chinese technology conglomerate LeEco Group.

"We have stopped diversification plans," Sunac Chairman Sun Hongbin said at an Aug. 31 media briefing in Hong Kong.

"We will be focusing on our two core businesses — property development and cultural tourism," Sun said, adding that the market for these two sectors is big enough for Sunac's long-term development.

Sunac, which extended a 15.00 billion-yuan lifeline to struggling LeEco at the beginning of 2017, made a 16.60 billion-yuan provision for its investment loss on LeEco at the end of 2017. In March, Sun resigned as chairman of Leshi Internet Information & Technology Corp. Beijing, LeEco's main listed platform.

Sun said Sunac is doing well with its core businesses at the moment and has ceased investments in new sectors. But the company "may explore consumption upgrade-related opportunities in the future."

In terms of the 13 tourism projects it purchased from Dalian Wanda Group Co. Ltd. in 2017, Sun said the acquisition has assured the scale of Sunac's cultural tourism business, but he expects it will take a relatively long time for the sector to be developed.

Overall, Sun said the company's strategy in the second half is to reduce its leverage ratio and control its investment scale since the Chinese government is still tightening regulations on the real estate industry.

As of Aug.30, US$1 was equivalent to 6.84 Chinese yuan.