The Nanjing government has cancelled the sale of a residential site to a consortium of Wharf (Holdings) and China Merchants Property Group because the balance of the land premium was still outstanding.

The Nanjing Municipal Bureau of Land and Resources said it cancelled the deal for the residential site in Nanjing because the consortium did not complete the deal and pay the balance of the land price in two years.

It said the initial deposit of HK$245m had been forfeited.

South China Morning Post