Beijing Capital Land Ltd said it 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 1.76 billion yuan (US$220 million) in May.

"There have been changes to the project's operational timetable, and the best timing for the development of the project has passed," Hong Kong-listed Capital Land said.

The project, comprising planned floor space of 272,800 square meters for residential and commercial development, was announced on June 5.

The 46,992-square-meter site is 500 meters away from the major Olympic stadium in Chaoyang District.

Beijing Capital Land, which formed a joint venture in June with Super Shine to develop the land, said it will make a separate announcement if the venture is also wound up.

Beijing Capital holds 70 percent of the joint venture, and Super Shine owns the balance.

Source:佚名