June 26, 2012 / 7:14 AM / 6 years ago

Lennar in China Devt Bank talks for $1.7 billion capital: WSJ

(Reuters) - Lennar Corp (LEN.N), the third-largest U.S. homebuilder, is in talks with China Development Bank about raising $1.7 billion capital, the Wall Street Journal reported, citing people familiar with the discussions.

Miami-based Lennar, the largest U.S. homebuilder behind D.R. Horton (DHI.N) and PulteGroup Inc (PHM.N), plans to use the capital to kick-start two long-delayed projects - Treasure Island and Hunters Point Shipyard - in San Francisco, the daily said.

The projects would see the two former naval bases turned into large-scale housing developments.

CDB and Lennar have also been in discussions about including China Railway Construction Corp, a state-run contractor, in the development of the projects, the WSJ said.

While it was unclear what CRCC’s role would be, it could be an adviser or invest in a local construction company that employs U.S. workers, the business daily said.

CDB declined to comment, while Lennar was not available to comment.

Reporting by Balaji Sridharan and Siddharth Cavale in Bangalore; Editing by Dan Lalor

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