Daily Tech Snippet: Friday, April 21

• China's LeEco plans sale of $420 million Beijing real estate: Chinese tech conglomerate LeEco is in talks to sell a prized property asset in the heart of Beijing it acquired in a $420 million deal last year, the latest effort by the electric car-to-smartphone behemoth to raise funds amid a severe cash crunch. The company plans to sell either all or a majority of its Shimao Gongsan retail property in a popular area on the east side of Beijing by divesting from two firms it owns, two people with direct knowledge of the matter said. LeEco has been in talks with potential investors for some months now, the first person said. LeEco, centered around a Netflix-like video platform operated by its listed unit, has been one of China's boldest tech firms, ambitiously pushing into the U.S. market and looking to take on Elon Musk's Tesla Motors (TSLA.O) in high-end electric vehicles. The firm's wide spread, however, led its billionaire founder and Chief Executive Jia Yueting to admit in November that it was facing "big company disease" and battling a cash crunch after expanding too fast. The firm is now reining in its spending, looking to sell property in the United States and scrapping this month a $2 billion deal to acquire U.S. TV maker Vizio. 

• Watch this all-electric ‘flying car’ take its first test flight in Germany: Flying cars, that perennial dream for futurists that always seem to be at least five years away, may be a little closer to reality than we realize. A lot of prototypes have been showcased recently, and a lot of money is being tossed around. More people than ever seem to buy into the crazy notion that in the near future we’ll be buzzing between rooftops in private, autonomous drones. Today, Munich-based Lilium Aviation announced an important milestone: the first test flight of its all-electric, two-seater, vertical take-off and landing (VTOL) prototype. In a video provided by the Munich-based startup, the aircraft can be seen taking off vertically like a helicopter, and then accelerating into forward flight using wing-borne lift. The craft is powered by 36 separate jet engines mounted on its 10-meter long wings via 12 movable flaps. At take-off, the flaps are pointed downwards to provide vertical lift. And once airborne, the flaps gradually tilt into a horizontal position, providing forward thrust. During the tests, the jet was piloted remotely, but its operators say their first manned flight is close-at-hand. And Lilium claims that its electric battery “consumes around 90 percent less energy than drone-style aircraft,” enabling the aircraft to achieve a range of 300 kilometers (183 miles) with a maximum cruising speed of 300 kph (183 mph).