One of the largest homebuilders in the US in talks with Chinese corporation over capital

It has been revealed that one of the largest homes builders in the country, Lennar Corp, is currently in negotiations with China Development Bank regarding approximately $1.7 billion of capital funding, which would allow it to move ahead with two projects in San Francisco which have suffered major delays.

The projects, which are expected to turn two disused naval bases in to what has been described as large-scale housing developments, are partially public funded; however, the inability to secure the remaining funding has held the development up for some time.

Located at Hunters Point Shipyard and Treasure Island, it is hoped that should funding be secured the projects would add nearly 20,000 new homes to San Francisco’s housing market. This is in addition to building a sports arena and millions of square feet of retail and office space in a city that is known for its limited space for new construction.

Peaking about the potential development, the former chief investment officer for Lennar, Emile Haddad, said: “We have created a company that basically is in charge of [some] of the largest mixed-use land opportunities in the state of California," Mr Haddad had earlier said in a 2011 interview: "We are creating the biggest urban development in San Francisco history."

Hunters Point was first constructed in 1870 and around 2,500 people currently live on Treasure Island, which is a man-made island located in the middle of San Francisco Bay and dates back to the 1930s.  Project director for the Treasure Island Development Authority, Michael Tymoff, said: “We think it's one of the greatest opportunities certainly in the city.”