A subsidiary of Miami-based Lennar Corp. may have to find a new source of funding to build more than 10,000 homes in San Francisco. After working for more than a year with a Chinese state-run bank to get a $1.7 billion loan, negotiations have reportedly collapsed.
The home-builder’s Lennar Urban holds the rights to redevelop former U.S. Navy installations at Hunters Point and Treasure Island. The loan would have helped transform Hunters Point Shipyard-Candlestick Point, 700 acres southeast of San Francisco, into a mixed-use community. The deal would have given China Railway Construction Corp., a state-run contractor, a role in building infrastructure like roads and shoreline stabilization.
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