The World Property Channel reports China is backing the development of 20,500 homes in San Francisco to the tune of $1.7 billion, a development project at two former naval bases that will hire 5,000 over a six year period. Borrowing the money is Miami-based Lennar Corp.; terms were not disclosed. Hunters Point Naval Shipyard will receive $1 billion to build 12,500 homes, and 8,000 homes will be built at Candlestick Point at Treasure island for $700 million. The total build out is expected to take 20 years. Although a Lennar spokesman would not confirm the transaction, a property editor at the San Francisco Times says the general contractor will be China Railway Construction Co., which is the world’s second largest contractor, and that the China Development Bank has tentatively approved the loan. All parties hope to seal the deal before year’s end because the Foreign Account Tax Compliance Act goes into effect Jan 1. It requires disclosure compliance agreements with the U.S. Treasury for foreign financial institutions. MHProNews has learned from the Military Analysis Network that Hunters Point, which closed as a naval base in 1994, is a toxic waste dump and the target of a lawsuit alleging 19,000 violations of the Clean Water Act.
(Photo credit: Wikipedia–Hunters Point Naval Shipyard)