A $1.7 billion deal with China Development Corp., the Chinese national railway and Lennar Corp. to construct 12,500 homes on the former Hunters Point Naval Shipyard in San Francisco and a string of high-rises on Treasure Island has collapsed.
Sources familiar with the deal tell us the effort, more than a year in the making, fell apart over demands by the Chinese for more control over the development than Lennar was willing to give.More at SFGate.
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