[photopress:beijing_stadium.jpg,full,alignright]Beijing Capital Land has scrapped an agreement with Beijing Land Resources Bureau to buy a plot near the Beijing Olympic Stadium because the right ‘timing’ for the development has passed. Beijing Capital Land and Super Shine Co jointly acquired the land in public bidding for RMB 1.76 billion (US$220 million) in May.
Hong Kong-listed Capital Land said in a statement, ‘There have been changes to the project’s operational timetable, and the best timing for the development of the project has passed.’ The project, comprising planned floor space of 272,800 square meters for residential and commercial development, was announced on June 5.
The development has had a slightly rocky ride. Beijing-based China Business Times reported on June 21 that the plot was put up for public bidding in April after it had been confiscated from Mogen Co, a Beijing-based developer by Beijing municipal government, which claimed Mogen had left the land idle for too long.
Source: Shanghai Daily