[CPEO-MEF] REUSE; China may fund Hunters Point and Treasure Island (CA) projects

[Lenny Siegel <lennysiegel@gmail.com>]

China in Talks With U.S. Home Builder State Bank in Talks to Provide  
Lennar $1.7 Billion for Two Long-Stalled Projects


By DINNY MCMAHON and ROBBIE WHELAN
Wall Street Journal
June 25, 2012

Lennar Corp., LEN +0.98% one of the U.S.'s largest home builders, is  
in talks with the China Development Bank for approximately $1.7  
billion in capital to jump-start two long-delayed San Francisco  
projects that would transform two former naval bases into large-scale  
housing developments, according to people familiar with the discussions.

The negotiations aren't final and the financing arrangement could  
still fall through. But if completed, the deal would reflect a  
changing dynamic between the U.S. and Chinese economies, as an  
American company turns to China for help funding a long-delayed and  
partially publicly funded project that otherwise wouldn't get done.

Chinese state money is in talks with the U.S's largest home builder  
to provide $1.7 billion to kick-start two housing projects in the  
U.S. The WSJ's Isabella Steger talks with reporter Dinny McMahon  
about the potential deal.

The developments, Treasure Island and Hunters Point Shipyard, also  
have the potential to alter San Francisco's housing market by  
providing nearly 20,000 new homes, a sports arena and millions of  
square feet of office and retail space in a market that is land- 
constrained and has had limited new construction. The city has  
committed hundreds of millions of dollars, in the form of tax- 
increment bonds, to the projects, which in total are expected to cost  
$10.5 billion over the next few decades.

...

For the entire artticle, see
http://online.wsj.com/article/ 
SB10001424052702304458604577489062449154168.html?KEYWORDS=Lennar+Bay 
+Area

--

Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope Street, Mountain View, CA 94041
Voice: 650-961-8918 or 650-969-1545
Fax: 650-961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org

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